12/21/24
July 29, 2009
Reindorf future Coyotes' owner?: NHL accepts a bid from Jerry Reinsdorf as a possible owner of the Phoenix Coyotes.
Shy of anti-trust arguments (which might be tricky given the NHL is international), I think the court will agree with the NHL's argument. After that, the NHL's opinion likely will carry much weight.
posted by jjzucal at 01:31 AM on July 30, 2009
Shy of anti-trust arguments (which might be tricky given the NHL is international) . . . .
Are you a lawyer? My understanding is that anti-trust applies even to international companies. Microsoft has been found to violate antitrust laws by US courts and European courts.
I think the first issue is whether the amount offered by Reinsdorf or another NHL-approved bidder is enough to satisfy the Coyotes' debt and/or its creditors agree to accept it as close enough. If not, then the arguments get fun (but they could get fun before this anyway). Does anyone know how much the Coyotes are in the hole?
posted by Aardhart at 09:55 AM on July 30, 2009
posted by tommybiden at 10:24 AM on July 30, 2009
This is no surprise at all. The other owners don't want to see struggling teams move, so of course they prefer the offer that keeps the Coyotes in Phoenix.
The Rule 35 garbage about Balsillie not being of "good character and integrity" is laughable when you look at the character and integrity of some of the other past and present NHL owners.
The next step is up to Judge Baum, but I don't think this looks good for Jim or for Hamilton.
posted by rocket88 at 11:47 AM on July 30, 2009
Why anyone would buy a team that needs to be kept in Phoenix is beyond me (money laundering is the only possible explanation I have). Move the 'Yotes to Ontario and it would easily be the best NHL team in the province. Considering that the other Ont based team is one of the most profitable in the league, it's a sure win situation for both the league and the new owner.
posted by cixelsyd at 12:14 PM on July 30, 2009
Move the 'Yotes to Ontario and it would easily be the best NHL team in the province. Considering that the other Ont based team is one of the most profitable in the league, it's a sure win situation for both the league and the new owner.
There are presently two Ontario based teams.
I'd risk just about everything I own on MLSEL being the most profitable team in the league.
posted by tommybiden at 12:24 PM on July 30, 2009
MLSEL??? What am I missing?
posted by Spitztengle at 02:34 PM on July 30, 2009
Maple Leaf Sports Entertainment Limited. Sorry, should have shortened it to MLSE .
posted by tommybiden at 02:57 PM on July 30, 2009
There are presently two Ontario based teams
Oops yes, the Senators.
Easily forgotten figureheads in Canada, senators are highly paid and rarely show up for work. Blame the similarities for my omission.
posted by cixelsyd at 05:49 PM on July 30, 2009
Aardhart: Bloomberg News in June said the debt was about $128 million. This on a franchise with an estimated value of about $150 million.
posted by jjzucal at 07:55 PM on July 30, 2009
UPDATE: 8:20 p.m. ET
PHOENIX (AP)Phoenix Coyotes owner Jerry Moyes has challenged Jerry Reinsdorf's bid to buy the financially troubled hockey team.
In a motion filed in bankruptcy court on Thursday, Moyes' attorney says that Reinsdorf's bid "cannot be approved as a matter of law" and that "there are no qualified bidders" based on terms set by the court.
The motion did not elaborate but says that Moyes' objection will be laid out in court documents on Friday, the deadline for filing objections to Reinsdorf's bid.
posted by jjzucal at 09:36 PM on July 30, 2009
The way I understand this situation, it doesn't matter what the NHL decides, it's more what Judge Redfield T. Baum decides.