Two big events in the ongoing ownership saga in Phoenix:
- SOF Investments LP (owned by computer magnate Michael Dell) and potential ownership group Ice Edge Holdings appear to have worked out a deal to do something about the $80 million that the Coyotes owe to SOF. Ice Edge is still claiming they will offer $150 million for the team. The Ice Edge Holdings bid has some additional strings attached, including a new lease on the arena in Glendale and a handful of regular season games to be played in Saskatoon. That “new lease” bit sounds like a potential deal breaker to me, considering that Glendale, the owner of the arena, has already made a lot of noise about losses on the facility.
- Judge Elihu Smails, er, Redfield T. Baum announced that he will not toss out the bid by BlackBerry King Jim Balsillie prior to the auction of the team. Surely this will cause apoplexy on the NHL Board of Governors, who have done everything short of accusing Balsillie of being the anti-Christ in their effort to maintain the NHL territorial monopoly status-quo.
The NHL still intends to bid on the team. In addition, Hizzhonor said that the rulings on the NHL bid may not be made by September 10th, the current date for the auction/cage match. It looks like this will drag on a bit.