Any smart businessman studying the current Phoenix Coyote situation would be either laughing his head off, or shying away from investing in the NHL. Or both.
For all Commissioner Gary Bettman's legal and business savvy, the Phoenix situation has become nothing more than a boring soap opera going in circles, with NHL losing large sums of money and looking more stupider in the process.
The whole thing should have been settled in 2009 with NHL accepting a generous $252 million package from Jim Balsillie, with suitable compensation for Buffalo and Toronto, and the Coyotes relocated in Hamilton.
Instead, the NHL torpedoed Balsillie for violating their constitution, bought the team and ran it at a loss, while setting a time period for bidders Jerry Reinsdorf and Ice Edge, the only potential buyers willing to keep the team in Phoenix, to battle it out for ownership.
Any potential buyer willing to keep the team in Phoenix has until December 31 of this year to reach a deal with the city of Glendale, or the doors will be thrown open to anyone who wants to buy the team and move it.
So far the two bidders named above are the only ones ...
Read Full Article at Bleacher Report - NHL
Article written by Steve Thompson
Phoenix Coyotes Situation Makes the NHL Look Stupid
August 9th, 2010 by Steve Thompson Leave a reply »
Advertisement