Coyotes CEO Jeff Shumway Resigns After Being Pressured By Moyes
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Shumway Will Still Work For
Moyes In His Other Businesses |
Coyotes CEO Jeff Shumway resigned Friday at the urging of Owner Jerry Moyes, as Moyes indicated that Shumway's departure "makes it easier for him to bring in new investors and get the [NHL's] approval for new ownership," according to Craig Harris of the ARIZONA REPUBLIC. Shumway "will continue working in other areas for Moyes, who has trucking, aviation and real estate interests." Moyes, who took over Shumway's duties as Coyotes Chair & CEO, said, "I would be willing to sell a majority stake and stay on as a minority shareholder. This is going to allow me to be more involved in the team, and I'll be looking for investors to come in and help with the team." He added that the team has "started the process of finding new investors," but the team would remain at Jobing.com Arena. Moyes said that it is "too costly to break a 30-year lease" with the city of Glendale. Moyes: "We have to work with the city and on our expenses and have a winning team in order to have more sponsorships and ticket sales." Moyes "acknowledged the lease could be broken if the club filed for bankruptcy protection," but he said that "would be an 'ugly situation' not worth pursuing." Meanwhile, NHL VP/Media Relations Frank Brown said that the NHL "would do what it could to keep professional hockey" in the region. Brown said that the NHL "would assist the Coyotes in any way they deem necessary" (ARIZONA REPUBLIC, 1/24).
REAP WHAT YOU SOW: In N.Y., Larry Brooks wrote, "No kidding the Coyotes operate under an onerous lease. But that's exactly what previous owner Steve Ellman signed on for in exchange for his land-grab in Glendale. ... Now the NHL is supposed to bail out the franchise? Now the NHL is supposed to pump money into an organization that, somehow, is paying [Coyotes Managing Partner & coach] Wayne Gretzky more than $5.5M this year and will pay Gretzky [$7-8M] next season?" (N.Y. POST, 1/25).
COMMISSIONER'S ORDERS: NHL Commissioner Gary Bettman "made it clear that the NHL isn't interested" in RIM co-CEO Jim Balsillie joining the Coyotes, "especially if he expected to bring a team to southern Ontario." Bettman: "No one has a divine right to a second franchise in southern Ontario." Bettman said that there were not "plans to relocate a franchise or expand" (Montreal GAZETTE, 1/25).
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