In the seemingly endless saga of the Phoenix Coyotes, a new development has some analysts scratching their heads. The group headed by Jerry Reinsdorf has pulled out of the proceedings to purchase the beleaguered franchise, while a separate bid from a partnership of Canadian and American investors together with the NHL put their own bids in on the club.
The National Hockey League announced its own filing a few hours after the investors, a group called Ice Edge, met the court’s deadline for application.
The Reinsdorf group’s offer is out after not being able to meet the deadline to submit a firm offer. The group also complained of having to deal with what they referred to as an “unwilling seller” and noted that the complexities of the whole thing were a bit much to deal with. Reinsdorf’s group pointed to what was referred to as “tactics” to “provide negative and misleading information to interested parties.”
They also were unable to nail down an acceptable lease with the city of Glendale.
The Reinsdorf situation stands in sharp contrast with that of the Ice Edge group, who has apparently been very pleased in their dealings with Glendale. “In the last eight weeks we have worked with the NHL, the city of Glendale and members of the Coyotes organization to develop a solid plan for the successful operation of the Coyotes in Phoenix,” Ice Edge chief operating officer Daryl Jones said.
The NHL is of course hoping that it will come down to their own bid on the Coyotes or that of the Ice Edge group. The goal for Bettman and Co. is for Judge Redfield T. Baum to throw out Jim Balsillie’s offer so that they can go ahead and keep the team in Phoenix. The NHL and Ice Edge bids are unknown, but those familiar with the case state that the offers will give Jerry Moyes little to nothing on the basis that his losses were equity and not loans.
Posted by Jordan Richardson.