PHOENIX - Canadian billionaire Jim Balsillie has submitted an amended proposed agreement to buy the bankrupt Phoenix Coyotes for US$212.5 million and immediately move them to Hamilton, with or without the NHL's consent.
The document filed Monday in U.S. Bankruptcy Court says Balsillie can walk away from the deal if the contentious issues in the complex case have not been resolved in his favour by Sept. 14. That's four days after the scheduled auction of the team and one day before the Coyotes are to play their first pre-season game.
The persistent co-CEO of Research In Motion, the company that makes the BlackBerry, wants Judge Redfield T. Baum to rule his bid valid even though the NHL board of governors voted 26-0 against his application to become the team's owner.
The NHL says it is impossible to move the team for the coming season.
The league wants a new owner who would keep the team in the Phoenix suburb of Glendale, where it has lost more than $30 million each of the last three seasons. The NHL contends that with better management and an improved product on the ice, the Coyotes can be successful.
The league is funding the team while the bitter ownership battle goes on.
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Tuesday, August 25, 2009 at 8:24AM
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