Jim Balsillie puts an offer to buy the NHL Phoenix Coyotes adds corp. partners

[Musashii]

http://www.tsn.ca/nhl/story/?id=277664
http://watch.tsn.ca/nhl/clip168901#clip168901

Official Press Release courtesy of james99: http://www.makeitseven.ca/downloads/...se%20FINAL.pdf

According to a media release, the Blackberry billionaire's offer of $212.5 million (US) for the team is conditional on the franchise relocating to Southern Ontario.

"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 the release.

The release also says, Balsillie agreed to post debtor-in-possession financing of $17 million (US) at the request of the Coyotes franchise. The money will keep the franchise going before the sale is completed.

If Balsillie is successful in bringing the Coyotes to Canada it would mean that the franchise has come nearly full circle after the team was forced to relocate to the desert from Winnipeg in 1996.

Jim Balsillie WILL NOT Go Away in the NHL until he gets a team and relocate it to Ontario

Wayne Gretzky and his team Coming to Hamilton, I'll buy season tickets ASAP!!

GO HAMILTON COYOTES GO!!

[james99]

I'm tired of buying season tickets for this team. I'm not sure if his rights to Copps has expired.

[Musashii]

Originally Posted by james99

I'm tired of buying season tickets for this team. I'm not sure if his rights to Copps has expired.

http://www.thespec.com/article/347931

Balsillie's agreement with the city for long-term rights to Copps Coliseum formally expired when his company did not own a team by Dec. 31 2008.

[james99]

I guess the phones will be ringing tomorrow. I'm surprised he hasn't tried to buy the Habs. He was the one who broke that news months ago and he's a Habs fan.

“I am excited to move closer to bringing an NHL franchise to what I believe is one of the best un-served 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.”

Big understatement.

[Musashii]

Sources tell TSN that the NHL is not happy with what is perceived by the league as a powerplay by Balsillie and will wrestle with this matter in court.

Those proceedings are expected to begin on Thursday.

After learning of the purchase on Tuesday, the NHL's deputy commissioner Bill Daly released the following statement:

"We have just become aware of today's Bankruptcy Court filing purportedly made on behalf of the Phoenix Coyotes. 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."

The Arizona Republic reported that the Coyotes filed for Chapter 11 bankruptcy protection on Tuesday. Coyotes' CEO Jerry Moyes stated that they have done everything they can to try and keep the team in Arizona

[james99]

Official press release: http://www.makeitseven.ca/downloads/...se%20FINAL.pdf

[Musashii]

Prior to a final decision being reached on the proposed sale, he called for Canadian fans who want to see a seventh NHL franchise in Canada to make their voices heard.

Good quote Mr. Jim Balsillie

[james99]

moved the team to Burlington:

Don't tell me we have to add Burlington to the list of southern Ontario cities interested in landing an NHL franchise.

During a recent charity luncheon, Burlington Mayor Cam Jackson was heard to say his city is pursuing a major sports franchise and that he had talked to Jim Balsillie, the BlackBerry billionaire who tried to move the Nashville Predators NHL team to Hamilton in 2007.

[Musashii]

Where in the heck is an NHL team going to play in Burlington? Central Arena? lol Mainway/Appleby/Wave Sports Arena? lmao ... Just stick to Copps Coliseum and renovate that arena.

[stampeder]

The "Brantford 99s" would have been cool!

Burlington makes sense due to the highway access from all directions. They could play in Copps for a couple of years and build their own arena, which is lucrative if Balsillie owns it all.

I just can't shake the feeling that Bettman is mumbling curses like "over my dead body" and other malicious, evil epithets towards Balsillie. Bettman seems driven to keep him out.

[james99]

Bettman is anti-Hamilton ever since it hosted the NHLPA tournament during one of those strikes.

[NB Josh]

I guess the phones will be ringing tomorrow. I'm surprised he hasn't tried to buy the Habs. He was the one who broke that news months ago and he's a Habs fan.

That surprised me too. I bet the NHL was hoping he would too, because they wouldn't have to worry about him trying to move the team.

Can you even imagine what US TV will do when a team in a small Ontario city becomes successful, and makes the Stanley Cup Finals or something? What would they call them? Almost nobody in the US knows where Hamilton, or Burlington, or Kitchener/Waterloo is. I remember when they had Live 8 in Barrie, they called it "Ontario" everywhere else because most wouldn't know where Barrie is.

[james99]

The NHL took control of the Phoenix Coyotes on Tuesday evening, removing owner Jerry Moyes from all positions of authority and seems set to challenge the very notion that the troubled NHL franchise is bankrupt.

[james99]

All of that was in the press release listed above. hehe. (post 6)

[Musashii]

Thanks james lol... i deleted that message

Balsillie faces tough legal battle

http://www.cbc.ca/sports/blogs/2009/..._legal_ba.html