Reinsdorf group withdrawls bid for Coyotes
The NHL mess in the dessert gets worse and worse each and every day. Yesterday Jerry Reinsdorf, owner of the Chicago White Sox and Chicago Bulls, officially withdrew his groups bid for the bankrupt hockey team. That leaves Jim Balsille, Ice Edge Holdings, and the NHL itself the only remaining bidders for the team that will be auctioned off September 14th.
Renisdorf withdrew his bid over complaints of an unwilling seller, a targeted media campaign against his group’s bid, and the realization the Hockey in Phoenix has a limited future. Current Coyotes owner Jerry Moyes has gone out of his way to make it difficult for Renisdorf to get a plan together. Moyes, who without doubt is the worst owner in the NHL, had an inside agreement with Balsillie to sell the team, before the NHL could step in and try and keep the team in Phoenix.
The NHL does not want Balsillie to join the league in anyway. At a recent owner’s meeting the NHL teams voted 26-0 to not allow Balsillie the opportunity to try and buy the Coyotes. Balsillie is arguing to the bankruptcy Judge that he should be allowed to buy the team and move them to Hamilton , Ontario immediately. Even though the NHL itself does not want either of these things to occur.
The NHL is so set to keep Balsillie out, that they are now set to spend a lot of money to buy the Coyotes themselves. While this would keep the team in Phoenix it likely would cost the league at least 150 million dollars.