With only one bid that would keep the Phoenix Coyotes in Arizona, a bankruptcy judge has postponed an auction and may consider a bid from Jim Balsillie that would land the team in Hamilton.
With only one bid that would keep the Phoenix Coyotes in Arizona, a bankruptcy judge has postponed an auction until Sept. 10 and may consider a bid from Jim Balsillie that would land the team in Hamilton.
So far there's been only one bid that would keep the team in Glendale: an NHL-approved bid from Chicago White Sox and Chicago Bulls owner Jerry Reinsdorf for $148 million. And while another group says a bid is on the way, it's not yet been presented to Judge Redfield T. Baum.
That bid has been opposed by Coyotes owner Jerry Moyes and his ownership group as being too low (they peg the value at $121.5 million), cutting them out of the equation and leaving some other creditors in the lurch. And while a bankruptcy judge doesn't necessarily need to protect the interests of the current owners, he or she is charged for getting the most money for the assets in question.
Which is why the Reinsdorf bid may be rejected and the Balsillie bid considered. At $212 million, Balsillie would pay closer to a fair-market value for the team, though he's quite clear he'd be moving it to Hamilton as soon as the 2010-2011 season. Given the strictures of the U.S. bankruptcy system, we'd be surprised if the low Reinsdorf bid is allowed to stand — which should give Hamilton hockey fans some hope.
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