Jim Balsillie's Bid for Phoenix Coyotes Kept Alive by Judge
Jim Balsillie's $212.5 million bid for the Phoenix Coyotes was kept alive in U.S Bankruptcy Court today by Judge Redfield T. Baum, when he overuled the NHL.
Judge Baum ordered that the bid must be included in the September 10 auction for the team, but the NHL is against Balsillie because if he wins he will move the team to Hamilton.
Two other bids are also in contention, but those also have their own conditions, such as the one from Jerry Reinsdorf and the Ice Edge Holdings LLC, which would see a new arena lease with the City of Glendale.
If Balsillie’s bid is successful it will present more problems for the NHL, whose governors rejected Balsillie as a prospective owner last week.
“As the only bidder with a firm offer before the bankruptcy court to purchase the Phoenix Coyotes, we obviously agree that Jim Balsillie belongs in the Sept. 10 auction,” Balsillie’s spokesman Bill Walker said following the ruling. “From the time his bid was launched, Jim Balsillie has said that all he is asking for is a chance to bid for the Coyotes at auction through the bankruptcy court process on a level playing field and let the best bid win. That’s fair and transparent.”
“It’s the best outcome for creditors and for the future of the franchise.”
A hearing has been set for August 11th to hear arguments on both sides about allowing someone to bid who has been rejected by the league.