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Judge Sets Two Coyotes Timelines; Reinsdorf Set To Submit Bid
Published June 23, 2009
|Coyotes Will Go Up For Auction August 5 To
Bidders Interested In Keeping Team In Arizona
MOYES, BALSILLIE ARGUE FOR SIMULTANEOUS REVIEW: The decision by Baum to set the two timelines came during a three-and-a-half-hour hearing in which attorneys representing Coyotes Owner Jerry Moyes and Balsillie argued that the judge should have the NHL simultaneously review Balsillie's relocation proposal and competing bids that would keep the team in Glendale. Their argument was that creating such a “dual-track” timeline would allow the court to look at the local bid and relocation bids side-by-side at a September auction and determine which was best for creditors. Instead, Baum asked the NHL to move up its auction date from early September to early August. He then created the subsequent timeline for the sale of the team to bidders interested in relocating it. An attorney representing Balsillie said that a sale of the team would have to close by September 10 or Balsillie would drop his bid. When NHL attorneys said the timeline for approving relocation was too tight, Baum told them that they would either have to reach a decision or have a reason why they could not. Baum: "The court expects the NHL to do everything reasonable to comply with this deadline." NHL Deputy Commissioner Bill Daly following yesterday’s hearing said, “We’re pleased that the judge adopted the two-tiered approach to the auction, and we are confident -- we’ve said all along we’re confident -- there’s a viable offer that will make this team viable in Glendale, and now we’ll let that process play out” (Tripp Mickle, SportsBusiness Journal).
NHL Has Until Sept. 2
To Accept Or Reject Balsillie
THINKING LOCALLY: The GLOBE & MAIL’s David Shoalts notes no details of Reinsdorf’s offer have been made public, but sources said that it consists of $130M to “satisfy the team’s secured creditors and the assumption of other debt.” It also will require a “hefty contribution from the City of Glendale," possibly as much as $15-20M a year. An attorney for Glendale “objected to the Aug. 5 sale date, telling Baum it did not allow enough time for concessions on the arena lease and other financial assistance to be negotiated with Reinsdorf.” Baum said that the Glendale City Council “will have to hurry if it wants to keep the team because he wants a quick sale to see that the team’s many creditors are paid as soon as possible” (GLOBE & MAIL, 6/23).