Skip navigation
Site powered by
Latest news:
msnbc.com: Top msnbc.com headlines: 9 die in Kosovo avalanche; child survives

Coyotes keep winning on ice, losing at gate

Rumors about team moving to Canada after the season are resurfacing

Can't Phoenix Coyotes players just enjoy success? On the ice, the 'Yotes are among the season's major surprises, entering Saturday's action tied for fourth place in the Western Conference. Given their offseason turmoil, we would have expected them to be tied for four-worst.

Yet no matter how successful this team is, it can't escape the shadow of its ownership disaster.

Exhibit A: The NHL vs. Jerry Moyes and vice versa. The league filed suit first, claiming Moyes breached his contract as owner when he tried to sell the team to Jim Balsillie. Moyes, if he hasn't already, is expected to countersue.

The NHL isn't talking; neither are Coyotes brass nor speakers for the city of Glendale, Ariz., the Phoenix 'burb in which the Coyotes' Jobing.com Arena is located.

Exhibit B: Rather than accept Balsillie as an owner, Gary Bettman & Co. fought and won a battle in bankruptcy court. It took over — and still owns — the team, having chucked out $140 million to buy it out of bankruptcy.

Shortly after its bankruptcy victory, the NHL trotted out the latest of its favored potential buyers — Ice Edge Holdings, to which it would sell the team for $160 million. Remember, Balsillie was willing to pay $242 million-plus. And the NHL turned up its collective nose at Balsillie and huffed away.

However, Ice Edge hasn't closed the deal. Strange, when one considers how quickly Jeff Vinik was able to get approved as owner of the Tampa Bay Lightning.

What's the holdup? There are several, not including potential robbery jokes about Bettman and Balsillie.

David Shoalts of Toronto's Globe & Mail has a doozy:

"At this point, it looks as if Anthony LeBlanc, Daryl Jones and the rest of the Ice Edge group will not even get off the runway. Too many problems are coming up, almost all of them because no one in the group appears to have the substantial personal fortune needed to convince a banker or bankers to lend Ice Edge enough money to pull it off."

Reports have it that Ice Edge can't get financing, and that Vinik's $100 million purchase price of the Lightning is now a hindrance, since it causes bankers to wonder why the Coyotes should cost substantially more. Another take has it that Ice Edge doesn't want to pony up now and accept the team's crushing debt. And, Shoalts writes:

"A banker who has handled many franchise evaluations and sales says the Coyotes, in their present location, are worth $50 million."

And Balsillie was going to pay nearly five times that. Five times.

So guess what's making the rounds again? A rumor that the Coyotes will move after the season to a Canadian city.

LeBlanc has said in a release aimed at quelling fan nerves that the sale and transaction process is under way, including a lease revision that is "the key outstanding issue."

In addition to difficulty finding financing, the Ice Edge bid has been stymied by the failure to get tax-relief help from the Arizona legislature and the withdrawal of Phoenix-area backers.

Plus, the team recently announced it would lose $20 million this season. That's actually an improvement — less than the $40 million to $50 million previously estimated by attorneys and others involved in the team's Chapter 11 bankruptcy case, the Phoenix Business Journal's Mike Sunnucks reports.

Ice Edge hopes to have everything in place by June 1.

We join in the cheers for the Coyotes' on-ice success, because we want to see the players rise above the morass. Dave Tippett is the NHL coach of the year — don't bother to count the Jack Adams ballots; just hand him the hardware.

A first-round matchup with home-ice advantage could await a team nobody thought would be anywhere near the playoffs.

But then, we read stuff like this, from Pat Hickey of the Montreal Gazette:

"Despite promotions that include all-you-can-eat nights and lower-bowl tickets for as little as $25, the Coyotes are drawing an average of 11,296 fans per game. That's the lowest attendance in the league and down 24.6 percent from last year.

"When I visited Phoenix last month, most of the residents I talked to said they weren't interested in the team because they didn't think there was a future for the game in Phoenix. They could be right."

Having reported the $50 million estimate for the Coyotes' value, Shoalts has the following conclusion:

"That leaves the NHL the choice of taking a big haircut eventually or moving the team — in which case, Bettman will have the fun job explaining just what that lengthy court fight with Balsillie was all about."

As well he should.

© 2012 Sporting News

advertisement
Video: NHL from NBC Sports
Gretzky says Cup race is wide open
In the latest NHL Network news update, Hall of Famer Wayne Gretzky talks about the division races and how 22 teams have a shot to win it all this year.

Slideshow
Image: Chicago Blackhawks Marian Hossa of Team Chara celebrates his goal with New York Rangers Marion Gaborik during the NHL All-Star hockey game in Ottawa
  NHL All-Stars
Take a look at the players who competed in Team Chara's 12-9 victory over Team Alfredsson.

more photos

Slideshow
Image: Stanley Cup Finals - Pittsburgh Penguins v Detroit Red Wings - Game Seven
  Sid the Kid
Penguins captain Sidney Crosby has gone from phenom to Stanley Cup champion.

more photos

Slideshow
Image: Washington Capitals Ovechkin celebrates his goal against the Montreal Canadiens during Game 5 in Washington
  Alexander the Great
Take a look at Capitals star and two-time MVP Alexander Ovechkin

more photos

Slideshow
Pamela Anderson
  Celebrity fans
Some of Hollywood's hottest celebrities take in NHL games.
Slideshow
Colorado Avalanche v Anaheim Ducks
  Icy Hot
Check out the ice girls from around the National Hockey League.

more photos

Slideshow
Image: Snee, 8, son of New York Giants player Chris Snee and head coach Coughlin's grandson plays in the confetti after the New York Giants defeated the New England Patriots in the NFL Super Bowl XLVI football game in Indianapolis
  The Week in Sports Pictures
The Giants on top of the football world, getting ready for the London Olympics and more.

more photos