Reinsdorf makes official bid for the Coyotes
Jerry Reinsdorf, owner of the Chicago White Sox (MLB) and the Chicago Bulls (NBA) has submitted an official bid on behalf of his group of his investors to buy the bankrupt Phoenix Coyotes (NHL). The bis is reported to be for 148 million dollars and may not include any cash. This may be a all debt deal where Reinsdorf assumes the massive debt of the club racked up over years of mismanagement from former owner Jerry Moyes.
This bid is to keep the team in Phoenix and playing at the jobbing.com arena. Reinsdorf has been negotiating with the city of Glendale, AZ about more favorable lease terms. The jobbing.com arena is one of the anchors of the Westgate City Center a massive site mixed with retail, residential, and high end office space. It is also the home of University of Phoenix stadium the home of the Arizona Cardinals (NFL).
With that in mind one can start to understand why the city is so desperate to keep the Coyotes in Phoenix. Even if it means a larger bid must be ignored. Canadian businessman Jim Basille has bid 212.5 million dollars for the Coyotes but his bid is contingent on moving the club to Hamilton, Ontario, Canada. Another bid is expected from another Canadian Businessman Daryl Jones by August 5th. It is believed that bid is to keep the Coyotes where they are.
Since Moyes bought the team in 2001 it has lost money each and every year. It doesn’t help that the team has finished in the bottom of their division almost every year since then, and has only qualified for the playoffs one time. Not even having Wayne Gretzky, a NHL legend, as Coach and minority owner has seemed ot make much of a difference.