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Gary Bettman will NEVER, EVER allow someone to relocate an NHL team to Canada.
The reason: the U.S market; hockey is far more popular in Canada, and the NHL is less popular than NBA, NFL, MLB in the States.
I wish.
PHOENIX — Less than an hour before the National Hockey League commissioner planned to broker a deal to sell the Phoenix Coyotes and strip team owner Jerry Moyes of his duties Tuesday, Moyes filed for bankruptcy to sell to his own buyer.
Moyes, as part of a Chapter 11 reorganization filing, agreed to sell the team for $212.5 million to a BlackBerry wireless magnate who plans to move the team to a yet-to-be determined location in southern Ontario, Canada.
The move is not a certainty. Already, the NHL and Glendale, which leases Jobing.com Arena to the Coyotes, have objected to Moyes' tactics. And other investors could outbid BlackBerry executive Jim Balsillie's PSE Sports & Entertainment LP.
But the Coyotes, who have played in metro Phoenix since 1996, habitually have lost money in the desert, first when they shared an arena with the Phoenix Suns in downtown Phoenix and most recently in Glendale.
Moyes, who since 2001 has invested more than $310 million in the team, declined to be interviewed. Earl Scudder, his financial and legal adviser, said Moyes had no option but to file for bankruptcy because that was the only way to void the team's lease with Glendale.
"He didn't have a lot of choices," Scudder said. "He had gone through extensive marketing efforts and was unable to get offers for the team that would take care of the creditors." The move shocked Glendale, which contributed $180 million for the $220 million arena that opened in 2003. For the city's hefty investment, the team signed a 30-year agreement with an early-termination penalty of more than $700 million.
City administrators were giving council members an update on hockey negotiations Tuesday in a closed-door session when word of the bankruptcy surfaced. Glendale City Councilman Phil Lieberman said that bankruptcy was the one thing that could trump the penalty.
NHL objects
National Hockey League Commissioner Gary Bettman and his deputy commissioner, Bill Daly, were in Phoenix on Tuesday, the NHL confirmed. The league issued a statement that evening, saying it was "investigating the cir stances surrounding the (bankruptcy) pe ion, including the propriety of its filing."
The league said that it had "removed Jerry Moyes from all positions of authority to act on behalf of the club" and that the NHL would appear in court. A hearing is set for 1:30 p.m. Thursday in U.S. Bankruptcy Court in Phoenix.
Bettman and Daly could not be reached. Spokesman Frank Brown said the NHL must approve all sales and relocations.
However, attorneys involved in the bankruptcy filing said a bankruptcy judge could overrule the NHL if the court finds the sale is in the best interest of creditors. Scudder added that the NHL may have to fight federal an rust laws if it refuses to let the Coyotes move.
Scudder said Bettman and Daly told Moyes on Monday that they would be in the city and wanted to meet. Scudder said the NHL executives were meeting with an undisclosed potential buyer and had planned to present Moyes with a proposal.
Moyes, meanwhile, was aggressively working on the bankruptcy pe ion. Scudder said he called Bettman and Daly about 3:30 p.m., when the filing occurred, notifying them.
Within 45 minutes, the NHL officials were meeting with Moyes at Swift Aviation Group, his jet business at Phoenix Sky Harbor International Airport, where they gave him a do ent that removed Moyes from his post.
Scudder said the do ent was dated Tuesday, but he did not know when it was crafted. After a five-minute meeting, the NHL executives left for New York on a Learjet.
Back to Canada?
Balsillie, the co-CEO of BlackBerry maker Research in Motion, said his offer was conditional on the Coyotes returning to Canada, where the team played as the Winnipeg Jets before moving to Phoenix in 1996.
Susan Freeman, a bankruptcy attorney for Balsillie, said her client will ask the court to start a bidding auction that would begin in early June and end before June 26, the first day of the NHL draft. A winning bid would have to exceed Balsillie's offer by $5 million.
In bankruptcy, some creditors have secured positions, meaning if money is available, they would have to be paid first.
If the sale is approved, two secured creditors will be paid, with $35 million going to the NHL, which lent the team money in February to stay in business, and $80 million to SOF Investments, an affiliate of computer entrepreneur Michael Dell's MSD Capital.
The rest of the money, or $97.5 million, would be divided among at least 40 unsecured creditors. Moyes has the largest claim, at $103.8 million, according to the bankruptcy filing.
Moyes, who made his fortune running trucking company Swift Transportation, owns nearly 92% of the team. He also is giving up his $206.5 million equity stake as part of the bankruptcy.
Glendale, in a statement, said that the bankruptcy filing was an "unfortunate turn of events" and that the city will work to "ensure the public's interest is fully protected."
The city had been under pressure to make financial concessions to the team. Although the city accepted delays since August on some of the team's lease payments, City Manager Ed Beasley had said concessions were not on the table.
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Gary Bettman will NEVER, EVER allow someone to relocate an NHL team to Canada.
The reason: the U.S market; hockey is far more popular in Canada, and the NHL is less popular than NBA, NFL, MLB in the States.
So you're saying we might have a chance?
So you're saying we might have a chance?
A very tiny one
When the Penguins were on the verge of being sold or bankruptcy, can't remember, I immediately thought "San Antonio Penguins"! That doesn't sound right.A very tiny one
We need another major sport here in SA.
SA Penguins? now that's funnyWhen the Penguins were on the verge of being sold or bankruptcy, can't remember, I immediately thought "San Antonio Penguins"! That doesn't sound right.
We need another major sport here in SA.
I know how you feel; we have only 1 major sport team here in Montreal (Canadiens) since.........
......2004, when the Montreal Expos relocated to the U.S to become the Washington Nationals
I thought about relocating to Toronto just to go to NBA or MLB games
(plus, the Bills will move there someday I guess)
SA Coyotes sounds so much better.
I did not understand that move at all.I know how you feel; we have only 1 major sport team here in Montreal (Canadiens) since.........
......2004, when the Montreal Expos relocated to the U.S to become the Washington Nationals
What? The Bills are moving to Canada? When?I thought about relocating to Toronto just to go to NBA or MLB games
(plus, the Bills will move there someday I guess)
SA Coyotes sounds so much better.
I did not understand that move at all.
What? The Bills are moving to Canada? When?
Expos: well, the stadium was 80% empty every night, but that's not a valid reason
The good thing back then: I lived close to the Expos' stadium, and it cost me 10$ to attend an Expos - Yankees game; plus, Halle Berry was there (true story)
The BIlls: oh, that will happen
Awwwww.Expos: well, the stadium was 80% empty every night, but that's not a valid reason
Did you get to meet her?The good thing back then: I lived close to the Expos' stadium, and it cost me 10$ to attend an Expos - Yankees game; plus, Halle Berry was there (true story)
lol billsThe BIlls: oh, that will happen
Awwwww.
Did you get to meet her?
lol bills
Seriously, I could have talked to her (with 3 people in the stadium, she wouldn't have been harassed) and taken her home, but hey, she is not my type
Seriously, I could have talked to her (with 3 people in the stadium, she wouldn't have been harassed) and taken her home, but hey, she is not my typeI'm surprised you had to pay to see the game, it should have been for free.
Why isn't she your type? I'm curious now.
Oh, she is totally my type; I just missed a golden opportunity to get laid and rich.
Why isn't she your type? I'm curious now.
Seriously thugh, we should have gotten free tickets, food and hookers
You're looking for a Sugar Mama?Oh, she is totally my type; I just missed a golden opportunity to get laid and rich.
I agree, even free merchandise.Seriously thugh, we should have gotten free tickets, food and hookers
You're looking for a Sugar Mama?
I agree, even free merchandise.
Sugar mama? No, but a sucking mama would do it for me.
Free merchandise? not interested; the Expos logo is a disgrace to the human race.
You're one funny guy!
ThanksYou're one funny guy!
San Antonio Penguins would flippin rock. I am a Penguins fan and have been since the mid-80s, when I first saw them on ESPN.SA Penguins? now that's funny
I know how you feel; we have only 1 major sport team here in Montreal (Canadiens) since.........
......2004, when the Montreal Expos relocated to the U.S to become the Washington Nationals
I thought about relocating to Toronto just to go to NBA or MLB games
(plus, the Bills will move there someday I guess)
Since Penguins are one of my favorite animals, I think it would be so cool if they were here in SA.
I dont care if the Coyotes sound better, I'd rather have the Penguins.
The NHL has to move teams to where the NHL is viable.
Houston would be more viable than San Antonio.
Kansas City wouldn't support it.
IMO, its gotta go back to Canada.
Either THERE, or Milwaukee.
IMO, Milwaukee is a huge hockey market that is left untapped.
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