FanPost

Coyotes Declare Chapter 11; Basille Offers; NHL Fires Ownership

This is a very curious move.  If Basille succeeds, he could end up being Bettman's Mark Cuban. 

A few hours after Moyes announced Tuesday that the team had filed for Chapter 11 bankruptcy protection -- a move that could allow the cash-strapped franchise to be sold and moved to Ontario -- the NHL said it would represent the team in bankruptcy court.

"We have just become aware of today's bankruptcy court filing purportedly made on behalf of the Phoenix Coyotes," NHL deputy commissioner Bill Daly said in a statement. "We are investigating the circumstances surrounding the petition, including the propriety of its filing.

"We have removed Jerry Moyes from all positions of authority to act for or on behalf of the club. The league will appear and proceed before the bankruptcy court in the best interests of all of the club's constituencies, including its fans in Arizona and the league's 29 other member clubs."

Earlier, BlackBerry boss Jim Balsillie announced a plan to buy the Coyotes and move them to Ontario.

The co-CEO of BlackBerry maker Research In Motion said that his $212.5 million offer is conditional on the Coyotes relocating to Canada, where they existed as the Winnipeg Jets before moving to Phoenix for the 1996-97 season.

"The decision by the ownership of the Phoenix Coyotes to initiate bankruptcy proceedings without consultation or approval of the National Hockey League is an unfortunate turn of events for the NHL, the State of Arizona and the Coyotes' loyal fans," the city of Glendale said in a statement. "Even as the propriety of this unprecedented action is being thoroughly investigated by the NHL, city officials are working diligently to ensure that the public's interest is fully protected throughout this process.

--

"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 in a statement.

"I am excited to move closer to bringing an NHL franchise to what I believe is one of the best unserved hockey markets in the world -- Southern Ontario. A market with devoted hockey fans, a rich hockey history, a growing and diversified economy and a population of more than seven million people," he said.

 

He's not even hiding the fact he wants to move the team to Ontario on this one...such a slap in the face to Bettman.  Very curious why they insist on having money losing teams remain in money losing markets...when Bettman was so hot and heavy to move franchises in the 90's.

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to SB Nation going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to SB Nation going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join Nucks Misconduct

You must be a member of Nucks Misconduct to participate.

We have our own Community Guidelines at Nucks Misconduct. You should read them.

Join Nucks Misconduct

You must be a member of Nucks Misconduct to participate.

We have our own Community Guidelines at Nucks Misconduct. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_9355_tracker