Reinsdorf bid NHL-approved

The NHL Board of Governors approved a bid Wednesday by Jerry Reinsdorf to assume ownership of the financially troubled Phoenix Coyotes, and unanimously rejected an application by Canadian billionaire Jim Balsillie to buy the team.

CHICAGO — The NHL Board of Governors approved a bid Wednesday by Jerry Reinsdorf to assume ownership of the financially troubled Phoenix Coyotes, and unanimously rejected an application by Canadian billionaire Jim Balsillie to buy the team.

The group heading by Reinsdorf, the owner of the Chicago White Sox and Chicago Bulls, was the only one of three applicants to gain the board’s approval on Wednesday. That vote was unanimous, too, NHL commissioner Gary Bettman said.

The board convened a special meeting in Chicago to evaluate each group’s applications before an eventual sale of the Coyotes, who were taken into Chapter 11 bankruptcy on May 5 by current owner Jerry Moyes.

Bettman said the process was necessary to comply with the NHL’s constitution and bylaws, and an order by U.S. Bankruptcy Court Judge Redfield T. Baum.

“We will so advise the bankruptcy court and we will move this process forward,” Bettman said.

An application by a third group, led by Anthony LeBlanc of Thunder Bay, Ontario, was deemed “incomplete,” Bettman said. That consortium, however, was encouraged by the board to continue with the application process.

Representatives of each group met Wednesday morning with the NHL board’s executive committee, which took its recommendations to the entire board for a vote.

The Reinsdorf group has told the NHL it wants to buy the Coyotes for $148 million and keep the team in Arizona. Balsillie has offered US$212.5 million for the Coyotes, but his proposal is contingent on moving the franchise to Hamilton.

“This had nothing whatsoever to do with the relocation issue,” Bettman said “All that was considered was the suitability of the applicants of the owners.”

More than money is involved, Bettman stressed.

“The criteria set forth in the (NHL) constitution and bylaws relates to financial wherewithal, character, integrity and the view whether or not the other owners would deem you a good partner,” Bettman said.

Balsillie hoped to buy the team and move it to hockey-crazed southern Ontario. However, the NHL wants the Coyotes to remain in Arizona and continue to play at the Jobing.com Arena in Glendale, a Phoenix suburb.

The team has lost money in Arizona each season since moving there from Winnipeg in 1996.

Just Posted

PHOTOS: Red Deer College Queens host third annual Pink in the Rink game

The RDC Queens picked up an extra special victory on home ice… Continue reading

PHOTOS: The Mustard Seed CEO speaks at Seeds of Hope Gala in Red Deer

The first-ever Seeds of Hope Gala was held at the Red Deer… Continue reading

PHOTO: Renewable Energy Fair at Red Deer College

The Renewable Energy Fair and Workshops event was held at Red Deer… Continue reading

Person airlifted to hospital after collision near Innisfail

One person was airlifted to hospital after a serious collision west of… Continue reading

WATCH: Make-A-Wish grants Star Wars loving teen’s wish

The Make-A-Wish Foundation granted Anakin Suerink’s wish in Red Deer Saturday afternoon

‘Stupid’ law preventing Canada’s re-engagement with Iran: retired envoy

OTTAWA — The real reason the Liberal government hasn’t been able to… Continue reading

Voters head to polls for BC municipal elections today

VANCOUVER — Voters in British Columbia will head to the polls today… Continue reading

All sharks tagged in N.S. expedition can now be tracked on Ocearch website

HALIFAX — All six of the sharks tagged in Nova Scotian waters… Continue reading

Memorial service for former PQ minister Lise Payette today in Montreal

MONTREAL — Mourners will gather to remember former Parti Quebecois cabinet minister… Continue reading

Immunotherapy scores a first win against some breast cancers

For the first time, one of the new immunotherapy drugs has shown… Continue reading

‘Mom I’m in trouble:’ Canadian, Brit face 10 years in jail for alleged graffiti

GRANDE PRAIRIE, Alta. — The mother of a Canadian who was arrested… Continue reading

Coyote on the prowl near Penhold

This coyote was out on the prowl in a field just west… Continue reading

Most Read