Tag: Jerry Moyes

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It’s official: Board of Governors approves Coyotes sale


Finally, it’s over.

After four years of up-in-the-air status, bankruptcy court, and numerous failed bids — the Phoenix Coyotes have been sold.

The NHL announced the Board of Governors approval of the sale of the team to the IceArizona group (aka: Renaissance Sports & Entertainment). Commissioner Gary Bettman released this statement about the sale.

“The National Hockey League believes in Arizona as an NHL market and that these new owners can provide the Coyotes the opportunity to secure a stable, long-term future in Glendale,” Commissioner Gary Bettman said. “We thank Mike Nealy, Don Maloney, Dave Tippett, team captain Shane Doan and all the players and staff for consistently going ‘above and beyond’ on behalf of the franchise during this long and complex process. We thank the Coyotes’ devoted fans for their patient, perseverant support. We are extremely pleased that a positive resolution has been achieved for the fans, the city, the Coyotes and the League.”

With the Board of Governors approval, the deal the City of Glendale made with IceArizona goes into effect to help manage Jobing.com Arena and ease the financial stress of purchasing the team.

Of course, that city-approved deal also has a five-year out-clause that allows IceArizona to sell the team if they lose $50 million over that time.

While that might be a story further down the road, for now the Coyotes saga is at an end and for the first time since Jerry Moyes declared bankruptcy and attempted to sell the team to Jim Balsillie, they have a real ownership group in place.

Glendale is rich! (Or at the very least, less poor)

Jobing.com Arena
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According to The Arizona Republic, the City of Glendale could be getting a cool $4.75 million settlement from Jerry Moyes’ bankrupt company, Coyotes Hockey LLC.

No truth to the rumor that Glendale will build a monorail with the windfall.

The proposed settlement still has to be approved by a U.S. Bankruptcy Court judge next month.

Glendale has claimed $590 million in losses stemming from Moyes’ decision to abandon his NHL team’s lease at Jobing.com Arena.

The 30-year lease at the city-owned arena (with the massive penalty for breaking it) was reportedly one of the main factors that led to Moyes’ and Jim Balsillie’s decision (scheme?) to place the franchise into bankruptcy. Often a bankruptcy court will cancel leases, and a canceled lease would’ve opened the door for a move to Canada.


No word yet if Wayne Gretzky will receive any settlement money.

Former Sharks president Greg Jamison wants to buy the Coyotes and won’t use bonds to do it

Detroit Red Wings v Phoenix Coyotes - Game Four
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You’ve heard of Jerry Reinsdorf. You’ve heard of Ice Edge Holdings. You’ve heard of Matthew Hulsizer. Now it’s time for you to get to know the latest name in the hunt to find an owner for the Phoenix Coyotes. Enter former San Jose Sharks president and CEO Greg Jamison to the discussion.

Jamison’s name was discovered as one of two parties interested in buying the moribund franchise from the NHL by the Phoenix Business Journal. Much like past attempted deals with the City of Glendale and the NHL, Jamison will work out a sales agreement with both parties to earn an exclusive negotiating window to work out a deal. All of the Coyotes’ previous suitors all worked out similar agreements with the city and the league to get things figured out so forgive us if that doesn’t get us too excited about Jamison’s name being pushed to the forefront.

What does give us reason to have a little more hope that things can get completed this time is a particular revelation that will help keep the pesky government watchdog group, the Goldwater Institute, out of the mix when it comes to working out a deal.

The city of Glendale said Friday it would not try to sell bonds to help facilitate a sale of the Phoenix Coyotes to a new owner.

The city issued a statement saying it was talking to two “qualified” ownership groups who want to buy the Coyotes and keep the team in Arizona.

“As indicated in June, the City of Glendale has identified two qualified buyers for the Coyotes team and is looking forward to finalizing documents with qualified buyers. No bonds will be sold by the city as part of these proposed concepts. As always, ongoing negotiations are confidential,” Glendale city spokeswoman Julie Frisoni said in a statement.

Not selling bonds to help get the deal moving would keep Goldwater’s interests in a potential deal out to pasture. As you might recall, Goldwater stepped in on Matthew Hulsizer’s offer to buy the team because the City of Glendale wanted to work out a $100 million bond sale to help give Hulsizer the money he was looking for to complete the deal. Goldwater saw the bond sale as a violation of the State of Arizona’s gift clause and promised litigation if the city went ahead with the sale. Instead of continuing to fight with government and special interest interference, Hulsizer withdrew his offer putting the Coyotes and Glendale back to square one.

If, and this is a big if, Jamison can get an offer together that works for both the NHL and the City of Glendale then perhaps this whole mess can be figured out and then the fans in Arizona can prove to the rest of the NHL that all they needed all along to show they’re serious about hockey was a stable owner. The Coyotes have been playthings for millionaire former owners Steve Ellman and Jerry Moyes who both had their hands in putting the Coyotes in this mess in the first place.

Ellman brokered the deal to get Jobing.com Arena built in Glendale and got the terrible lease the team has with the arena while Moyes, who bought the team from Ellman, tried to sell the Coyotes to BlackBerry guru Jim Balsillie to be rid of the franchise that was costing him tens of millions of dollars in losses per year.

If Jamison can purchase the team entirely with his own money, God bless him for it because that will keep all the watchdogs out of the mix and provided that Jamison doesn’t want to move the team any time in the future, he could be the savior the franchise has been looking for.

That said, we’ve been down this road before with all of the other potential buyers. We’ll find out soon enough whether Jamison is another notch in the belt of failed suitors or if he’s the guy to save hockey in the desert.