If there is a financial crisis going on in the world today, the NHL may still be oblivious to it. While teams have cut staff and offered huge deals to try and sell tickets the league isn't too worried when it comes to getting a return on franchises that are up for sale. Or maybe they just wanted to stick it to Coyotes owner Jerry Moyes for taking the team to bankruptcy court in May. Either way, the NHL rejected Jim Balsillie's bid to buy the Phoenix Coyotes. Instead, they unanimously selected Jerry Reinsdorf's bid that was $64 million less than Basillie's. Somehow I don't think will sit well with Moyes. Nonetheless, the NHL does not have the final word as the bankruptcy court will make the final decision. The court had previously asked for the league's recommendation, prompting the vote of confidence in Reinsdorf.
"This had nothing whatsoever to do with the relocation issue," Bettman said "All that was considered was the suitability of the applicants of the owners."
More than money is involved, Bettman stressed.
Well, at least he's telling the truth.
Yet again Jim Balsillie has been blocked from buying an NHL team by the league. First it was in Pittsburgh three years ago and, more recently, in Nashville. And, yet again, the sticking point is that Balsillie has made no bones about the fact that he would take the team and move it to southern Ontario. Moving a team north doesn't sit well with the league or its owners -- although moving south for a decade was apparently acceptable -- and they seem willing to do everything they can to keep Balsillie from doing it.
But this time, the league does not have the final say in whom the new owner of the Coyotes will be. In fact, there may not be much they can do to keep Balsillie from owning the Coyotes. If the bankruptcy court decides to take Balsillie's bid, the Coyotes will be bound for Hamilton sooner than later.
It will be interesting to see what the bankruptcy court decides. Many times, the court finds in favor of the bid with the most money. In this case, that's Balsillie and his $212.5 million. However, they still need to take into account the other two bids and that Reinsdorf will likely not move the team (the third bid is also Canadian). Whether or not that will play into the court's decision remains to be seen.
