Well, it's now official, Jerry Reinsdorf has filed an offer with the NHL to buy the Phoenix Coyotes. The amount: $148 million...or 64.5 million less than gazillionaire Jim Balsillie's intended offer.The story from TSN here . And more from AZ Central.com here.
((Jerry Reisndorf looks happy...sort of/Courtesy: Getty Images))
There are of course some catches. The deal has some contingencies for Reinsdorf and his co-owners (yes...there are at least 2 others to be involved here). Among them is re-negotiating the debt the Coyotes already owe and also re-doing the lease agreement with the city of Glendale. One noticeable omission, current owner (at least for now) Jerry Moyes...isn't mentioned anywhere within the agreement, bid or otherwise.
It should be interesting to see this play out. Reinsdorf and his partners entered this bid as part of the bankruptcy auction proceedings surrounding the Coyotes. However, Balsillie has no intention of going away. We aren't sure we can remember a professional sports team ever going through this process, though don't be surprised...depending on the outcome...if it doesn't happen again. Stay tuned.
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