((HT: Arizona Republic/Sanders))
A flurry of filings in U.S. Bankruptcy Court on Friday illuminated several aspects of the potential sale of the Coyotes and what it might take to keep them in the Valley.
Among the revelations were:
• Some details of what Chicago sports mogul Jerry Reinsdorf seeks from the city of Glendale, which owns the team's home, Jobing.com Arena.
• Rival group Ice Edge Holdings LLC formally submitted a bid for the team. It also proposed holding five "home games" in Canada.
• Current owner Jerry Moyes, a major creditor, laid out his objections to the bids.
• The bankruptcy judge set a hearing for Monday to consider delaying the auction of the team, scheduled for Wednesday, until September.
Reinsdorf, owner of the Chicago White Sox and Bulls, has offered $148 million for the team if he can negotiate a deal with Glendale to raise millions in yearly revenue, according to filings by Moyes' attorneys. The team has lost as much as $30 million each season.
The filings say Reinsdorf has asked for a special taxing district to be created in Glendale's sports and entertainment district that would provide as much as $23 million next fiscal year through a "voluntary" surcharge on retail sales.
Additionally, if the team were still losing money after five years, Glendale would have to pay Reinsdorf $15 million each year of losses or allow the team to be sold and relocated, according to Moyes' filing.
There was no indication that Glendale officials had agreed to any of these conditions, nor has a City Council meeting to approve such a deal been scheduled.
Ice Edge, a group of Canadian and American investors, submitted a formal bid two weeks later than the deadline. Previously, the group had declared it intended to offer $150 million for the team.
Sports business observers have said the group's proposal to play five games in Canada per season was highly unusual. Ice Edge has called it an innovative way to raise revenue, but some experts have warned it could create a fan backlash.
Moyes blasted both offers as invalid. He said neither group had shown secure financial backing nor put up the hard cash required in the bankruptcy procedures.
A $1 million deposit was required July 24 for parties wishing to bid at auction on Wednesday, at which time $10 million is needed.
Moyes also criticized Reinsdorf's offer for excluding some creditors. Moyes himself has a $104 million claim that would be left unsatisfied.
He favors a $212.5 million bid by Canadian businessman Jim Balsillie ((pictured, thanks GlobeSports file)), which would move the team to Ontario and satisfy more of the West Valley trucking magnate's claim.
In response to pleas by the NHL and Glendale to postpone the auction, giving the two bidders more time to finalize their plans, bankruptcy Judge Redfield Baum agreed to hold a hearing Monday. He will decide then whether to delay or continue with the current schedule.
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