Reinsdorf drops bid to buy Coyotes

[bankybruce]

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.

 

[bankybruce]

The fat lady has sung and she is calling in on her Blackberry.

 

[Lefty]

The fat lady has sung and she is calling in on her Blackberry.

What are you talking about? The Coyotes will be staying here in Arizona.
http://sports.espn.go.com/nhl/news/story?id=4422520

 

[azsportsfan01]

I am willing to bet Reinsdorf still ends up the owner of the Coyotes. The NHL filed papers today to buy the team and then sell them to a new owner once the bankruptcy proceedings are done. If your Reinsdorf why waste your time and money fighting Moyes when the NHL will sell you the team later on once the mess is cleared up? Either way, the Coyotes are staying in Arizona.

 

[MigratingOsprey]

his bid replaced by the NHL bid

the NHL takes ownership, removes moyes and the bankruptcy issues/timeline

they work out the details and sell to reinsdorf

 

[puckhead]

The fat lady has sung and she is calling in on her Blackberry.

You must be registered for see images attach

 

[chickenhead]

The NHL's bid has a relocation clause in it.

http://www.canada.com/hasn+ruled+moving+Coyotes/1935039/story.html

As others are maintaining, it really does seem as though this is just a battle between the NHL and Balsillie, with the NHL's first priority not to preserve hockey in Phoenix, but to dictate if and when a team relocates (especially to a market like Hamilton, which would be very profitable for the new owner, and potentially threatening to existing franchises). Sort of like if Mark Cuban didn't own the Mavericks, and he wanted to buy a struggling NBA franchise and move them to Brooklyn without working hand-in-hand with the league.

All I can say is, having watched the last days of the Expos very closely, the NHL owning the Coyotes is not good for Coyotes fans. Their priority will be to stop the bleeding and to find a new owner. It just depends on who that new owner is, and if they view relocation as the real financial opportunity.

 

[MigratingOsprey]

the issue is the lease and the more that glendale flubs it up, the worse leverage they are going to give themselves

by having the opt out clause that pretty much gives them a year to figure it out

reinsdorf was working with a firecracker and a short time frame when it came to the lease

the nhl will have a year and a bag of C4