A flood of court documents have cast doubt on whether the NHL’s Phoenix Coyotes can be sold in Wednesday’s scheduled auction.
US Bankruptcy Court Judge Redfield Baum on Friday set an emergency hearing for tomorrow to decide on a request by the NHL that sale be postponed until next month, allowing bidders more time.
The judge had set Wednesday as the auction for a buyer to keep the team in Arizona. So far, the only local offer is a US$148 million bid by a group headed by Jerry Reinsdorf, owner of baseball’s Chicago White Sox and the NBA’s Chicago Bulls.
PHOTO: AP
Questions about the legitimacy of Reinsdorf’s bid were raised in several filings on Friday as the complex case grew ever murkier.
Coyotes owner Jerry Moyes opposes any delay. He asked the judge to reject Reinsdorf’s offer, charging that it provides no cash to debtors — headed by Moyes — and would leave some creditors empty-handed.
Rejection of the local bid would clear the way to sell the team to a buyer who would relocate it.
“The current motions are clear recognitions that the only real ‘bid’ that has been received [the Reinsdorf bid] is woefully deficient on many levels,” Moyes said in court documents.
Meanwhile, SOF Investments, the largest secured creditor — who is owed some US$80 million — said it could not consent to the Reinsdorf bid because their payment hasn’t been worked out, although negotiations have begun.
A committee of unsecured creditors also objected, on the grounds that Reinsdorf’s offer is “contingent and illusory.”
The committee contested Reinsdorf’s offer to assume up to US$148 million in liabilities, putting the figure at about US$121.5 million.
Moyes wants to sell the team to Canadian billionaire Jim Balsillie, who has offered US$212.5 million to move the team to Hamilton, Ontario.
On Friday, attorneys for Balsillie’s PSE Sports and Entertainment told Baum: “PSE is still here and its bid still stands.”
Balsillie’s bid is opposed by the NHL’s board of governors, which has approved that of Reinsdorf. Canadian Balsillie has been thwarted by two previous attempts buy US-based teams and move them to Canada.
The NHL said on Thursday that Balsillie is no longer a “viable purchaser” of the Coyotes and any possible relocation of the team could not occur until after the 2009-2010 season.
The NHL said in its filing that Balsillie has repeatedly “turned his back on commitments ... he made” and acted in “disregard to established league rules,” causing “significant damage to the league.” The NHL also said Balsillie indicated in a meeting with owners on Wednesday that he would legally challenge any decision not to approve his ownership application.
Balsillie’s filing said his interview with the NHL board “consisted of a strong and rather hostile interrogation by persons whose minds appear to have been made up before the meeting began.”
“It is clear to Mr Balsillie that commissioner Bettman and a number of the governors have a personal grudge against Mr Balsillie, and that the root of the problem is Mr Balsillie making prudent business decisions, in each case within his contract terms, instead of spending vast amounts of money for an unprofitable team with no right to apply for relocation,” the filing said.
The NHL, which has been funding the club, wants the team to stay in Arizona, where it has lost tens of millions since moving from Winnipeg in 1996.
A potential third bidder, Ice Edge Holdings, asked the court to delay the sale to allow it time to finalize its offer.
Its 112-page document laid out terms of a purchase but did not specify an offer price.
The city of Glendale, a Phoenix suburb where the Coyotes play, also asked Baum to delay the Aug. 5 auction.
Glendale requested the auction be postponed to the beginning or middle of next month.
The NHL and Ice Edge asked the judge to shift the date to Sept. 10, which is currently reserved for a second auction open to bidders who could move the team if the court deemed the initial round of bids inadequate.
Glendale said it is close to agreements with Reinsdorf and Ice Edge that would allow the Coyotes to remain in Jobing.com Arena in Glendale with “strong economic essentials and support from all necessary constituencies.” No details on those talks were provided in the filing.
Moyes’ attorneys said in a Friday filing the Reinsdorf and Ice Edge offers do not meet court requirements and the auction should be opened to those who may want to move the team.
Balsillie’s spokesman said after the decision on Wednesday that the onus is on the NHL to prove his client is no longer a viable owner after previously approving him in 1996.
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