Auction for NHL's Coyotes team delayed until September 05/08/2009 |
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The auction for the National Hockey League's bankrupt Phoenix Coyotes franchise was delayed this week to give bidders time to finalize offers.
The auction, originally set for Wednesday and limited to bidders wanting to keep the team in Glendale, Arizona, was postponed by Judge Redfield Baum of federal bankruptcy court in Phoenix until September 10, according to a court filing.
The bidders, Ice Edge Holdings LLC, a group of Canadian and U.S. businessmen that has offered up to $150 million, and Jerry Reinsdorf, owner of the Chicago White Sox and Chicago Bulls teams who has offered up to $148 million, had asked the court to give them more time to finalize their offers.
Research in Motion co-Chief Executive James Balsillie had offered $212.5 million when the team filed for bankruptcy in May on condition he be allowed to move it to Ontario, Canada. Last week, his offer was deemed "not viable" by the NHL, which wants the team to remain in the Phoenix area.
Under the judge's original plan, a second auction would have been held in September if none of the offers from bidders willing to keep the team in Arizona were deemed adequate.
In a hearing on Monday, Judge Baum called Balsillie's bid the "highest and best," according to a spokesman for Balsillie, and said he might consider an auction for bidders who might move the team. Baum is expected to decide that possibility on Wednesday.
The case is in Re: Dewey Ranch Hockey LLC, U.S. Bankruptcy Court, District of Arizona, No. 09-09488.
(Source: Reuters)
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