The Phoenix Coyotes are now owned by the
National Hockey League after a bankruptcy judge on Monday approved the
transfer of franchise from Jerry Moyes to the league.
Moyes and the NHL agreed to the deal last Monday, and a week later U.S.
Bankruptcy Court Judge Redfield T. Baum signed off on the transaction.
According to the Arizona Republic, the purchase price was $140 million. The
league will continue its efforts to find a buyer that will keep the team in
Arizona.
Moyes entered into Chapter 11 bankruptcy in May and tried to sell the
franchise to Canadian billionaire Jim Balsillie, who wanted to relocate the
club to Hamilton, Ontario. The league interceded because it does not want the
team moved.
Baum rejected Balsillie's bid to purchase the team out of bankruptcy in
September, and also denied the NHL's first offer. The league altered its
proposal last month.
Ice Edge Holdings, a business group from the United States and Canada, has an
interest in buying the Coyotes.
Since moving to Arizona in 1996 from Winnipeg, the team has consistently lost
money and has had trouble drawing a fan base. The Coyotes have only made the
playoffs five times since going to the desert and have never made it past the
first round. Also, the team has had just one winning season since last making
the playoffs in the 2002-03 season.
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