Tuesday, May 05, 2009

Phoenix Coyotes Bankrupt but Find Buyer

Despite the news of a great playoff season, Jim Balsillie has put in another bid to purchase the Phoenix Coyotes - on the condition of intending to move the team to Southern Ontario Canada.
The Coyotes filed for Chapter 11 bankruptcy protection on Tuesday. The filing included the proposed sale of the franchise to PSE Sports & Entertainment, which would move the franchise to southern Ontario.
While it is true that a stable business owner with deep pockets, the ripping apart of a hockey team and the community to which supported it is one of the cruelest scenarios that could possibly be the conclusion. If the team must move, then the only city it should go is Winnipeg.
Balsillie has offered $212.5 million for the franchise, which has spent the past 12 seasons in the desert since leaving Winnipeg, Manitoba prior to the 1996-97 season.
Duplicitous in this agreement is current owner Jerry Moyes who has agreed to put the team up for chapter 11 bankrupsy, but chose not to keep things in-house. Speculating, his attempt at selling the team will be brought to light to embarrass the entrenched NHL commissioner Gary Bettman.
"The current team ownership asked that I table an offer to purchase the Coyotes and significant discussions resulted in an offer that is in the best interests of the franchise, the NHL, and the great hockey fans of Canada and southern Ontario," Balsillie said Tuesday in a statement.
And this is why Balsillie has earned the permanent moniker of "Carpetbagger" because of his desire to rob American teams away and "repatriate" them using questionable means to shirk the NHL rules in the process.

Phoenix Coyote fan support is crucial during this process. They must stand up to the bigotry of some Canadians and media elites who do not want non-traditional markets having hockey franchises.

[Via: ESPN.com]
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