It’s getting crazy in Phoenix

This whole Phoenix Coyotes mess is getting more insane by the day. According to the latest developments the NHL was signed over control by owner Jerry Moyes in November, making Moyes’s recent bankruptcy filing moot. Well that’s if the court sides with the NHL. The bankruptcy led to rumors that Blackberry CEO Jim Balsillie would purchase the team for $212.5 million and move it to southern Ontario, something the League and the city of Glendale, AZ is vehemently against.

The city is asserting that whomever the owner of the Coyotes ends up being would have to pay them $750 million to get out of their current lease.

Similarly, the NHL wants the team to stay put and would be more than happy if a group lead by Chicago White Sox and Chicago Bulls owner Jerry Reinsdorf – who owns a home in Arizona – purchased the team. But that’s not a done deal either.

What is known is that the Coyotes are bleeding money; $73 million loss over the last three years and a turn around does not seem imminent.
(Photo: Reuters; source)