Phoenix Coyotes Update

The ownership issue is turning into a soap opera.  I’m sure that hockey fans in Phoenix (assuming they exist) are hoping that Pam will wake up soon and realize this has all been a bad dream.

Here’s the Cliff’s Notes version: Jerry Reinsdorf and his low-ball $148 million offer – OUT.  I saw that coming. Jim Balsillie, his $212.5 million offer, and a line of moving vans with “Hamilton, ON” programmed into the GPS – still “untrustworthy” according to the NHL Board of Governors. Appearing as a special guest star after being away at boarding school for an extended period – Ice Edge Holdings, a group headed by Anthony LeBlanc, who used to work for Balsillie at Research in Motion (see I told you this is now a soap opera). Ice Edge Holdings dug around behind the cushions on the couch and in the ash tray of the car and scraped together “about $150 million” for the team.  The exact value of the offer is vague in the news report.  They also mowed Wayne Gretzky’s yard and promised to take out the trash for the next 50 years, and are reportedly nice to small children and help old ladies cross the street. You know, the things that count with the NHL Board of Governors.  Also appearing in an uncredited cameo – the NHL who also put in a bid for the Coyotes.  The value of the NHL’s bid is not known at this time.

Last time I checked, $150 million < $212.5 million.  Again, this comes down to the financial interests of the creditors who are owed money by Jerry Moyes vs. the NHL Board of Governors who want to maintain the NHL’s existing territorial agreement.  It will be decided by a bankruptcy court judge (Redfield T. Baum – a soap opera name if I have ever heard one). Will he favor the creditors or the league? It’s a cliff hanger! The next episode hearing, will take place place September 2nd. Stay Tuned!

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