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Report: Canadian group eyeing Coyotes purchase

Posted on: August 11, 2011 11:32 pm
 

By Brian Stubits

Earlier this week a report surfaced out of Arizona that two groups were still negotiating to buy the fledgling Phoenix Coyotes franchise. Considering how the process has gone since the NHL has owned the team beginning in 2009, skepticism was naturally high.

Then came a report on Thursday night from the Business Journal that a Canadian group with plenty of cash is formulating a plan to purchase the team. All of a sudden there is hope again in the desert, something that hadn't been in high supply since Matthew Hulsizer withdrew from the process.

The report goes on to say that in the proposal at this point, there would a seven-year out clause where the owners could relocate the franchise if market conditions don't improve. That's a pretty substantial amount of time for the fans in Arizona to prove their desire to keep the team or not and would have to be considered amply fair.

It goes on to say the deal could possibly be approved by the NHL in the coming days.

Reaching a deal soon (relatively speaking) is imperative to keeping the team in Arizona. The city of Glendale still has $25 million set aside to cover any operating costs the team might have to pay, but it's not clear whether or not that money would be available for another season, with the answer likely be no.

Also from the Journal, one of Hulsizer's biggest hurdles seems to be less of an issue with this potential ownership group.

A $40 million to $50 million contribution by Glendale towards the purchase could avoid a lawsuit promised by the Goldwater Institute Goldwater watchdog group. Glendale wanted to make available $100 million worth of bonds to help Hulsizer [buy] the team, but that deal fell apart in part because of Goldwater's legal opposition.

As promising as this latest development might sound, it would still be wise to tamper enthusiasm. They have been closer in the past to getting a deal reached with a new owner only to have it fall apart. But hopefully for the fans in the desert, this is more than just another mirage.

Photo: Getty Images

For more hockey news, rumors and analysis, follow @EyeOnHockey and @BrianStubitsNHL on Twitter.

Comments
kkjyywlpo
Since: Dec 2, 2011
Posted on: December 16, 2011 1:12 am
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kkjyywlpo
Since: Dec 2, 2011
Posted on: December 15, 2011 7:43 pm
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Since: Apr 17, 2010
Posted on: August 14, 2011 10:12 am
 

Report: Canadian group eyeing Coyotes purchase

Put a second team in Toronto!!!  They have more hockey fans then anywheer else in the world and would easily support two or maybe even three teams.
That sounds like a good idea at first glance, but how many hockey fans in Toronto would actually support the new team in the area? Most of the Leafs fans I've talked to are die hards, as evident by their support for the team since they've been really bad and the fact that they haven't won a Cup since '67. How many of those fans would actually support an expansion team after being a Leafs fan for so long? I can't imagine many of them would switch allegiances. I know they'd probably go to some of the games anyway but if there is a Leafs game and a game for the other team on the same night, I'd bet the vast majority of the hockey fans in Toronto would be going to the Leafs game.



Since: Nov 15, 2006
Posted on: August 13, 2011 11:21 pm
 

Report: Canadian group eyeing Coyotes purchase

Put a second team in Toronto!!!  They have more hockey fans then anywheer else in the world and would easily support two or maybe even three teams.



Since: Apr 17, 2010
Posted on: August 13, 2011 2:34 pm
 

Report: Canadian group eyeing Coyotes purchase

No, it isn't. Hamilton is a "will miss" location and always has been. Want the Coyotes in Canada? Send them to Quebec City. Let them play at the Colisee until the new arena gets built. That's the best place in Canada to put a team.
Yeah, Hamilton won't ever get a team. I wouldn't mind seeing it but it just won't happen. The next best place and the most logical one is Quebec City. Eight Canadian teams would be ideal in a year or two.



Since: Jul 27, 2007
Posted on: August 13, 2011 12:00 pm
 

Report: Canadian group eyeing Coyotes purchase

If I were a Glendale taxpayer, I would be furious at the thought of throwing anything more at this team (referring to the $40-$50 million more here). I've seen some incompetent city councils before but the one in Glendale takes the cake. At some point you have to throw in the towel. I'd want them to leave already. 



Since: Feb 10, 2009
Posted on: August 13, 2011 7:38 am
 

Report: Canadian group eyeing Coyotes purchase

Quebec here we come after another failed Bettman/bad owner/bad city venture



Since: Aug 21, 2006
Posted on: August 12, 2011 11:13 pm
 

Report: Canadian group eyeing Coyotes purchase

Enough already, move the team to Hamilton and be done with it. Hamilton Ontario is the only can't miss location for a team, has been for decades.
No, it isn't. Hamilton is a "will miss" location and always has been. Want the Coyotes in Canada? Send them to Quebec City. Let them play at the Colisee until the new arena gets built. That's the best place in Canada to put a team.



Since: Aug 19, 2006
Posted on: August 12, 2011 9:41 pm
 

Report: Canadian group eyeing Coyotes purchase

Enough already, move the team to Hamilton and be done with it. Hamilton Ontario is the only can't miss location for a team, has been for decades. 



Since: Jan 31, 2010
Posted on: August 12, 2011 4:53 pm
 

Report: Canadian group eyeing Coyotes purchase


Never been to the jobing.com arena, what are the ads?

Yeah yeah, I see the picture now. Was coming up as a red X before.




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