Dropping The Gloves

Gretzky Stands To Gain From Coyotes Sale

The NHL and Coyotes Owner Jerry Moyes are meeting in bankruptcy court today, the first step of what promises to be a long and drawn out battle over the team’s Chapter 11 filing and subsequent sale agreement to Jim Balsillie. The Coyotes’ bankruptcy filing sheds light on the dire financial situation the team faces, as the franchise’s losses over the past three years total $73M and ticket sales during that time contribute only 41-43% to the club's total revenue. The filing also reveals that Wayne Gretzky is poised to cash in to the tune of $22.5M if the sale goes through, and Balsillie is rumored to be wooing the Great One to back his bid to move the team to southern Ontario. Meanwhile, the city of Glendale confirms it was working on a deal with Jerry Reinsdorf and other investors to take over the Coyotes before the team filed for bankruptcy, though it is not known how much money the Bulls and White Sox owner would have invested in the franchise.