Thursday, July 30, 2009

Coyote Auction Delay?

Just when things seemed to be sailing smoothly towards a definitive auction of the Coyotes next Wednesday, there's a turd in the punch bowl. The Toronto Star is reporting in their Friday editions that attorneys for Glendale and the NHL have asked the court to postpone next Wednesday's local bid auction, saying Reinsdorf and another potential bidder, Ice Edge Holdings of Canada, needed additional time to finalize their offers for the team.

The league's brief to the court also said that the Ice Edge group would make their bid public on Friday.

The report went on to say that the City of Glendale is "very close to a definitive agreement...that would allow the team, under new ownership, to continue to play at the Arena."

This news came hours after attorneys for Jerry Moyes ridiculed the Reinsdorf-Kaites-Tavares group offer of $148MM saying that the offer was not a legal offer under bankruptcy law. well, what did you expect them to do?

Update Friday 8:30 AM .. More complete reports of the NHL motions are now coming out. It appears that the NHL is taking the position that since the Balsillie has been denied as a potential owner, he is not eligible to bid in the second auction and as the only bidder interested in moving the team there is no need for a second auction. Of course, Moyes will continue to argue that Balsillie is the only person who has made a bona fide offer. And The Judge may still not look kindly on this bit of last minute chicanery.

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