Sources: Chargers Expected To Move To L.A. In '17 Yanks Set To Benefit From New MLB CBA Losing Revenue Sharing Could Cut A's Payroll More 'Canes Allowed To Withhold Some Financial Figures TFC Becoming MLS' Premier Franchise? Rockets Hire E-Sports Front Office Exec Orioles To Keep Season-Ticket Prices Flat Blackhawks Reward Fans For Watching At Bars A's Ballpark Talks To Pick Up Pace With New CBA? 76ers Postpone Game Due To Moisture On Court
SBD/February 28, 2011/Franchises
Two Groups Said to Be Interested In Hawks, Thrashers, Philips Arena
Published February 28, 2011
CLOCK IS TICKING: The GLOBE & MAIL’s Paul Waldie noted the City of Glendale is “ratcheting up pressure” for the sale of the Coyotes to be finalized, but the “tactics haven’t worked and have only raised questions about whether the deal will go ahead.” The sale has “dragged on for months with no end in sight.” The NHL is “trying to sell the club for $170-million to Chicago businessman Matthew Hulsizer but the deal can’t close until Glendale completes” a $116M bond offering (GLOBE & MAIL, 2/26). NHL Deputy Commissioner Bill Daly said that the league “has established no deadline for the sale of the bonds.” Sources indicated that they “expect the deal will close, just not as soon as had been anticipated.” ESPN.com’s Burnside noted while the league “may not have imposed a deadline, the reality remains that the NHL does not have infinite patience with the City of Glendale.” The league “has a number of ownership balls in the air and a resolution in Arizona, one way or another, is believed to have a direct impact on how the NHL proceeds in other markets.” If the bond sale “does not begin in a timely fashion, the NHL at some point will move to exercise its right to relocate the team.” If that happens, sources said that the $25M Glendale committed to the NHL to cover operating losses this season “would be lost, as would the anchor tenant in an arena built with government funds” (ESPN.com, 2/25).