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Report: Canadian group eyeing Coyotes purchase

Posted on: August 11, 2011 11:32 pm
 

By Brian Stubits

Earlier this week a report surfaced out of Arizona that two groups were still negotiating to buy the fledgling Phoenix Coyotes franchise. Considering how the process has gone since the NHL has owned the team beginning in 2009, skepticism was naturally high.

Then came a report on Thursday night from the Business Journal that a Canadian group with plenty of cash is formulating a plan to purchase the team. All of a sudden there is hope again in the desert, something that hadn't been in high supply since Matthew Hulsizer withdrew from the process.

The report goes on to say that in the proposal at this point, there would a seven-year out clause where the owners could relocate the franchise if market conditions don't improve. That's a pretty substantial amount of time for the fans in Arizona to prove their desire to keep the team or not and would have to be considered amply fair.

It goes on to say the deal could possibly be approved by the NHL in the coming days.

Reaching a deal soon (relatively speaking) is imperative to keeping the team in Arizona. The city of Glendale still has $25 million set aside to cover any operating costs the team might have to pay, but it's not clear whether or not that money would be available for another season, with the answer likely be no.

Also from the Journal, one of Hulsizer's biggest hurdles seems to be less of an issue with this potential ownership group.

A $40 million to $50 million contribution by Glendale towards the purchase could avoid a lawsuit promised by the Goldwater Institute Goldwater watchdog group. Glendale wanted to make available $100 million worth of bonds to help Hulsizer [buy] the team, but that deal fell apart in part because of Goldwater's legal opposition.

As promising as this latest development might sound, it would still be wise to tamper enthusiasm. They have been closer in the past to getting a deal reached with a new owner only to have it fall apart. But hopefully for the fans in the desert, this is more than just another mirage.

Photo: Getty Images

For more hockey news, rumors and analysis, follow @EyeOnHockey and @BrianStubitsNHL on Twitter.

Comments

Since: Jan 31, 2010
Posted on: August 12, 2011 4:52 pm
 

Report: Canadian group eyeing Coyotes purchase

Damn $8.68? My dreams of a Honolulu team have just been shattered.

Never been to the jobing.com arena, what are the ads?



Since: Nov 22, 2006
Posted on: August 12, 2011 2:31 pm
 

Report: Canadian group eyeing Coyotes purchase

Sorry to do this to you guys, but my investors (Granddaughters preschool class) and I just submitted an offer of $8.68 cents.  We are going to move the team to Mystery Alaska and hire John Biebe to be our Captain and inspirational leader.  We should be able to average between 100 and 200 fans in attendance for everygame (depending on the seal attendance).

Seriously though...  Is this part of the off season so quiet this year that this kind of unproven information requires to be written up just and published?

PS - Does anyone else find the ads on the Jobing.com Arena scoreboard a little interesting?



Since: Jan 31, 2010
Posted on: August 12, 2011 1:19 pm
 

Report: Canadian group eyeing Coyotes purchase

Damn Bob, I'm gonna have to call in more favors and get a couple more investors on board if you're gonna be bidding against me. I think I should be able to up the ante to five bucks!

Anyway, Misterfamous is exactly right, it's all a bunch of nothing until it comes from those involved. More hot air from the media. Next thing you know Alex Rodriguez will be seen at the talks making a bid for the team...there's your Puerto Rico connection Bob!



Since: Oct 20, 2008
Posted on: August 12, 2011 1:10 pm
 

Report: Canadian group eyeing Coyotes purchase

Does anyone understand this part:

Then came a report on Thursday night that a Canadian group with plenty of cash is formulating a plan to purchase the team. All of a sudden there is hope again in the desert...
The team will be relocated, as the author goes on to say.  Why would there be "hope again in the desert" if the team moves ?  The City of Glendale only wins if the team stays there.  While a Canadian firm might be interested in relocation to an American city like Seattle or Kansas City, odds are they'd feel more comfortable with their money in Hamilton, Quebec City, Mississauga, etc.

Wait until the prospective owner(s) announce their intentions to relocate the team and where.  But rest assured- no sane businessman would think keeping the team in the desert is a good idea...



Since: Jul 1, 2010
Posted on: August 12, 2011 8:28 am
 

Report: Canadian group eyeing Coyotes purchase

They didn't mention your offer, hsengine, because I sweetened the pot with a 4 dollar offer and a move to Puerto Rico, better ice there and shorter travel too.

I wonder if Reinsdorf is still in the mix.    I wonder what all the sale speculation is REALLY based on, we've heard plenty of colorful stories, I don't think I'm going to take it too seriously until there is a more in-depth public statement.



Since: Jan 31, 2010
Posted on: August 11, 2011 11:44 pm
 

Report: Canadian group eyeing Coyotes purchase

Not sure why they haven't mentioned my offer to buy the Coyotes for three dollars and fifty cents and move them to Hawaii.


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