http://www.chicagonow.com/blogs/chi...09/08/reinsdorf-drops-bid-to-buy-coyotes.html
Glendale Sports and Entertainment, whose principals are John Kaites, Jerry Reinsdorf and Tony Tavares, regrets to inform all interested parties that despite expending a great deal of time, money, and effort, it is unable to comply with the court mandated deadline of August 25, 2009, for having a firm offer to purchase the Phoenix Coyotes and keep them in Glendale.
Despite the fact that we always thought that we were operating on an extremely aggressive timeline, we were able to accomplish a great deal in a very short time period. Our capital structure is negotiated, and we have negotiated acceptable deals with the secured creditors as well as a number of unsecured creditors. We have developed a solid business plan that would result in keeping the Coyotes in Glendale and in a relatively short period of time turning the team into a successful and viable NHL franchise.
All of this was accomplished while the unwilling seller created an expensive litigious environment and pressed a public relations strategy that has had the effect of chilling the negotiations with the City. It is unfortunate that this conduct continues. We have faced an organized publicity effort designed to provide negative and misleading information to interested parties. Not only has this stymied negotiations, but is has eroded local market demand for Coyotes tickets, luxury boxes, and sponsorships.
Despite arduous efforts by the City of Glendale's administration and ourselves, we have been unable to reach an acceptable lease deal for the operation of the team at the Jobing.Com Arena. Since we have not finalized this critical agreement within the mandated timeline we cannot submit a firm and binding offer to the Court.
Looks like they just couldn't pull everything together in time. It will be interesting to see where the story goes now. The original offer, contingent on moving the team, was worth considerably more money than the Reinsdorf's offer, but perhaps the desire to keep the team in Phoenix will allow Reinsdorf to play hard ball on the leasing deal.
Perhaps a negotiating ploy or perhaps he's just out. I don't know enough to say one way or the other.
