Tuesday, June 28, 2011

Hulsizer bails on Phoenix Coyotes

Phoenix Coyote's Mascot/File
The man purported to be the savior of hockey in Arizona is no longer interested in buying the team (with a lot of city help).

Chicago businessman Matthew Hulsizer had been negotiating with the NHL and the city of Glendale to buy the bankrupt hockey team for over a year. The city had promised to pay Hulsizer $197 million over 5 years to take over the reigns of the franchise. However....that move was fought hard by an Arizona based anti-tax group, making it more difficult for the sale to happen.

ed note: We agree with the Goldwater Institute. Taxpayers should have to pay someone to buy a pro-sports franchise...period.

The story from AZCentral.com RIGHT HERE

This puts Glendale and the NHL back to square one. The city has been paying the league $25 million for last season and the upcoming season in order to buy time so they can find an owner. Two years in, and no buyer.

ed note: Had this happened a month ago, the Thrashers might still be in Atlanta and Coyotes where they belong in Winnipeg.

Now, the Coyotes are on the market for a new owner. There are whispers that Chicago Bulls owner and Arizona resident Jerry Reinsdorf may get back in the chase, but he didn't seem that anxious to pull the trigger on a purchase a year ago.

We are guessing the league will allow the Coyotes to stay where they are this season, but next season, don't be surprised to see them leave. We don't see a legitimate scenario where someone steps in and rescues the woebegone city. Maybe we are wrong in that assumption, but we don't think so.

This all goes back to a series of incredibly stupid moves by the city of Glendale and the repercussions for it are essentially the city's taxpayers are on the hook for a huge stadium and the promise of development. Development that may not ever happen if there is no tenant for the "Jobing.com" arena. That scenario is looking more and more likely.

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