Coyotes Bankruptcy: Sale Finalized

coyoteslogoThe CBC is reporting that the sale of the Coyotes to the NHL will be finalized on Monday.  The league is paying $140 million for the team, and $13.3 million of the proceeds will go to Gerry Moyes and The Great One. For those keeping score, the highest bid offered by Jim “persona non grata” Balsillie was $292 million, a cool $152 million more than the league paid.

Somewhere, some creditors are furious.  The original Chapter 11 petition for Coyotes Hockey LLC lists the 40 largest creditors.  #1 is Moyes, who the team owed $103 million and change.  It’s clear he’s not getting anywhere close to that amount of money.  #2 on the list is BWD Group, LLC, a sports and entertainment  insurance firm, who were owed $1.3 million.  Law firm Bingham McCutchen was owed $423,000.  I’m sure they are getting paid.  The city of Glendale was owed about $800,000, and the League was owed $271,000.  Much of the rest of the details must be in the related bankruptcy filing of Dewey Ranch Hockey LLC, the other Moyes shell corporation.  I was unable to find that filing.  While looking for it, I did come across Judge Redfield Baum’s ruling on Dewey Ranch Hockey.  I’ll have some more to say on that later this week.  It lists the Coyote’s operating loss in 2007 at $107 million, and $54 million in 2008.

In another franchise milestone, the Coyotes drew a franchise low of 5,355 fans in their game vs. the Kings Monday night.

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