SBD/Issue 204/Franchises

Gretzky Fights Glendale Request For Release Of His Financials

Hearing Slated To Take Place This Week On
Release Of Gretzky's Financial Records
Coyotes Managing Partner and coach Wayne Gretzky's attorneys Friday filed a motion in Arizona bankruptcy court to block Glendale's request for Gretzky to "turn over personal financial records as part of the legal battle over the future" of the franchise, according to Paul Waldie of the GLOBE & MAIL. The city wants the court to "force Gretzky to produce a stack of documents and submit to questioning under oath." Glendale is challenging whether Gretzky and Coyotes Owner Jerry Moyes are "legitimate creditors." The city "wants to know if Gretzky and Moyes received dividends or other payments in return for their ownership stakes." But Gretzky's attorneys in court filings said that he would "only agree to turn over 'non-private, non-privileged documents' and they criticized the city for seeking personal financial information." The filings read in part, "It is difficult to conceive how (the city) could possibly demonstrate how Mr. Gretzky's personal tax returns are relevant to the acts, conduct, or property or to the liabilities and financial condition of the (Coyotes), or to any matter which may affect the administration of the (Coyotes) estate." Bankruptcy court judge Redfield Baum is "slated to hold a hearing on the issue" this week (GLOBE & MAIL, 7/11). Meanwhile, Coyotes fans have started a petition imploring Baum to "do what he can to leave the team in Phoenix" (TORONTO STAR, 7/12).

STEPPING ONTO THE ICE: Research Edge LLC Managing Dir Daryl Jones said that his group that is bidding for the Coyotes "sent an application to the NHL on Saturday." Jones said that "from an investment standpoint, 'it's probably worth a look' any time there is only one bidder." He added that his group "internally is looking at a three-year proving time," or perhaps longer. Jones: "We're trying to develop a business plan to make the Phoenix Coyotes viable in Phoenix-Glendale" (ARIZONA REPUBLIC, 7/12).

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