A group headed by NBA’s Chicago Bulls owner Jerry Reinsdorf has taken a significant step in its bid to buy the bankrupt NHL Phoenix Coyotes, reaching an agreement in principle with the NHL team’s largest secured creditor.
Steven Abramowitz, attorney for SOF Investments, announced the agreement at a hearing in US Bankruptcy Court on Tuesday. He said the deal included a “substantial pay-down” of the US$80 million SOF was owed, with the rest rolled over into an ongoing debt.
Abramowitz urged the court to “do anything it can” to keep Reinsdorf’s bid alive.
SOF Investments had previously declined to back the Reinsdorf bid, saying it supported the proposal by Canadian billionaire Jim Balsillie, who has offered US$212.5 million, contingent on moving the team to Hamilton, Ontario.
SOF would get all US$80 million under Balsillie’s bid.
Outside the courtroom, Abramowitz declined to say whether the company still supported Balsillie’s offer.
Balsillie’s representative Richard Rodier said Abramowitz’s announcement came as a surprise in the long, twisted bankruptcy process.
Judge Redfield Baum scheduled Tuesday’s hearing to sort out the remaining issues in the complex case. He set a hearing for Sept. 2 on several matters, most importantly whether the court should overrule the NHL owners’ overwhelming rejection of Balsillie as an owner.
Baum ordered a stop to any attempt made by Coyotes owner Jerry Moyes or Balsillie to get confidential information on the applications of the Reinsdorf group and the other potential buyer, Ice Edge, from the NHL. He also said no depositions of those involved in either potential bid would be permitted.
Moyes and Balsillie sought the information because they wanted to see if Reinsdorf was treated differently in his application than Balsillie. The NHL board of governors rejected Balsillie’s bid to become an owner by a 26-0 vote on grounds he was untrustworthy.
Earlier in the hearing, the Reinsdorf group’s attorney Alan Klein said by telephone that his clients were fed up with the meddling and interfering as they attempted to work out the details of their offer. Klein said confidential information already had been made public by Moyes’ attorneys, who said it was a mistake and have apologized.
Balsillie wants to move the team immediately if his bid is successful, something the NHL contends can’t be done.
Auction of the team is set for Sept. 10, two days before the start of training camp and four days before the Coyotes play their first exhibition game. The NHL wants the judge to rule that the team will play next season in Arizona.
Reinsdorf’s group still faces major hurdles, including reworking a lease agreement with the city of Glendale and persuading the judge that the bid is acceptable, even though the US$148 million offer is much smaller than Balsillie’s bid.
Baum delayed action on the relocation issue until he rules on whether Balsillie can buy the team over the league’s objections.
Four-time NBA all-star DeMarcus Cousins arrived in Taiwan with his family early yesterday to finish his renewed contract with the Taiwan Beer Leopards in the T1 League. Cousins initially played a four-game contract with the Leopards in January. On March 18, the Taoyuan-based team announced that Cousins had renewed his contract. “Hi what’s up Leopard fans, I’m back. I’m excited to be back and can’t wait to join the team,” Cousins said in a video posted on the Leopard’s Facebook page. “Most of all, can’t wait to see you guys, the fans, next weekend. So make sure you come out and support the Beer
Revelations of positive doping tests for nearly two dozen Chinese swimmers that went unpunished sparked an intense flurry of accusations and legal threats between the World Anti-Doping Agency (WADA) and the head of the US drug-fighting organization, who has long been one of WADA’s fiercest critics. WADA on Saturday said it was turning to legal counsel to address a statement released by US Anti-Doping Agency (USADA) CEO Travis Tygart, who said WADA and anti-doping authorities in China swept positive tests “under the carpet by failing to fairly and evenly follow the global rules that apply to everyone else in the world.” The
Taiwanese judoka Yang Yung-wei on Saturday won silver in the men’s under-60kg category at the Asian Judo Championships in Hong Kong. Nicknamed the “judo heartthrob” in Taiwan, the Olympic silver-medalist missed out on his first Asian Championships gold when he lost to Japanese judoka Taiki Nakamura in the finals. Yang defeated three opponents on Saturday to reach the final after receiving a bye through the round of 32. He first topped Laotian Soukphaxay Sithisane in the round of 16 with two seoi nage (over-the-shoulder throws), then ousted Indian Vijay Kumar Yadav in the quarter-finals with his signature ude hishigi sankaku gatame (triangular armlock). He
Rafael Nadal on Wednesday said the upcoming French Open would be the moment to “give everything and die” on the court after his comeback from injury in Barcelona was curtailed by Alex de Minaur. The 22-time Grand Slam title winner, back playing this week after three months on the sidelines, battled well, but eventually crumbled 7-5, 6-1 against the world No. 11 from Australia in the second round. Nadal, 37, who missed virtually all of last season, is hoping to compete at the French Open next month where he is the record 14-time champion. The Spaniard said the clash with De Minaur was