On Tuesday, the Phoenix Coyotes filed for bankruptcy protection. Who knew having a losing hockey team in the middle of the desert, losing 60 million dollars over the last two years, and having an owner who lost his shirt on Arizona real estate was not a recipe for success? Amazingly, the bankruptcy filings revealed that someone is interested in paying $212.5 for the financial albatross honor of owning an NHL team. Advice to Jerry Moyes: TAKE THE MONEY AND RUN!
The bankruptcy comes as no surprise; the Coyotes’ problems have been well covered on this blog: here, here, and here. What is new is someone wanting to buy the team. Billionaire Jim Balsillie, Co-CEO of Research in Motion(the company that makes the ubiquitous BlackBerry), wants to pony up the cash, but the NHL and Glendale appear like they may attempt to block the sale.
If Balsillie wants to buy the Coyotes and move the team, let him; this is not Balsillie’s first NHL rodeo, he unsuccessfully attempted to buy the Pittsburgh Penguins in 2006 and the Nashville Predators in 2007. But, apparently Glendale does want to be stuck a mostly empty Jobbing.com arena and the NHL is mad that Moyes is attempting to sell the team without their approval. However, Arizona sports fans and the readers of this blog are more apathetic about the potential loss of the Coyotes. Let me see: he has the money + the team is for sale . . . sounds like we should be saying goodbye to the ‘Yotes. Moyes should sell the team before Balsillie sobers up and changes his mind.