NHL News: Balsillie sets deadline for buying Coyotes
Man he does not go away now does he? TSN is reporting that Jim Balsille--CEO of the company that created the blackberry--has submitted an offer of 212.5 million dollars to buy the bankrupt Coyotes. The plan of the Canadian billionaire would be to buy the Coyotes and then immediately move them to Hamilton.
The document filed Monday in U.S. Bankruptcy Court says Balsillie can walk away from the deal if the contentious issues in the complex case have not been resolved in his favour by Sept. 14. That's four days after the scheduled auction of the team and one day before the Coyotes are to play their first pre-season game.
But still the plot thickens. The other day the NHL voted unanimously (26-0) against his application to become the teams owner. These are hurtles that the NHL has thrown at him before but as we have seen in the past Balsillie's money keeps helping him get over them.
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There are many negatives to Balsillie during this process, mainly the way he handles himself. For starters Balsillie has been talking about moving the team to Hamilton since he submitted his first bid for the Coyotes; not the best way to get on the NHL's good side. Let's be completely clear here: the NHL does not want him to be an owner mainly because he wants to move the team out of Glendale. Also it needs to be noted that he wants to move the team less than a month before the season starts. That is not smart buissness, no matter how much money you have. The message he is currently sending is that he cares more about moving the team then the team itself, and that is a big problem. This is what the NHL wants on this situation:
The NHL says it is impossible to move the team for the coming season. The league wants a new owner who would keep the team in the Phoenix suburb of Glendale, where it has lost more than $30 million each of the last three seasons. The NHL contends that with better management and an improved product on the ice, the Coyotes can be successful.
There are some positives to Balsillie too though. For starters, and the biggest, is that Balsillie can support the team's losses through some rebuilding years. Supposedly the team was losing 30 million dollars in each of the last 3 seasons. Balsillie can keep the team above water while they re-build. Plus moving the team to Hamilton would be a better fan base so they would bring in more money.
Official stuff aside let me give you my opinions. Originally I was a fan of him but not anymore. This has gotten out of hand, and it is making him look quite foolish. If he wants to move the team to Hamilton fine, but to do it a month before the season is a joke. Wait out the season, see how things look and if you have to then you can move them. To be honest when TSN reports something like this:
"After many months of planning," the city argued, "Mr. Moyes bought into a scheme hatched by James Balsillie and Richard Rodier to buy an NHL team through an admitted 'side door."' The city says proof of the "scheme" is in documents filed under seal. When brought to the light of day," the city's argument read, "those facts will lead to the inescapable conclusion that these cases have been prosecuted in bad faith and for purposes (and, even more strikingly, in a manner) not permitted under the Bankruptcy Code and other applicable law."
It does not not look good for him. I don't know about you but I want this man to have nothing to do with the NHL. Not even as a part owner. You're thoughts?