This makes things interesting (from Globe and Mail online site):
Quote:
The fight for the Phoenix Coyotes is down to Jim Balsillie and the NHL.
In a court filing late Tuesday afternoon, NHL commissioner Gary Bettman said the third potential bidder, a group of Canadian and American businessmen known as Ice Edge LLC, told him they “do not currently intend to participate in the auction.”
No one from Ice Edge could be immediately reached for comment.
Ice Edge, led by Canadians Daryl Jones and Anthony LeBlanc, offered $150-million (all currency U.S.) for the Coyotes but on the condition that a new lease be worked out with the City of Glendale, where the Coyotes play. After revelations that another bidder, Jerry Reinsdorf, was looking for as much as $23-million a year in subsidies from the city, Glendale politicians said they would not be giving any additional financial help to the Coyotes in addition to what was in the present lease.
NHL insiders have long said the team cannot survive without upwards of $15-million in annual subsidies from the city and Reinsdorf withdrew his bid last month.
The auction for the Coyotes will be held Friday with Balsillie, the co-CEO of Research In Motion Ltd., offering up to $242.5-million and the NHL offering $140-million.
More to come
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If Balsillie is allowed to bid, how far would the NHL let Bettman go to outbid him?
The withdrawl occurred shortly after Glendale city council had an in camera meeting to discuss the Jobing.com arena lease options. Coincidence?
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