Phoenix Coyotes May Be Moving To Canada After Owner Declares Bankruptcy

May 7, 2009

Arizona (ChattahBox) – Jerry Moyes (shown), owner of the NHL team the Phoenix Coyotes, has shocked the sports world after filing for bankruptcy and selling the team.

Moyes was set to lose the Coyotes, but before the NHL commissioner could officially file the details needed to begin the process, the former owner declared Chapter 11, and sold the team off to BlackBerry millionaire Jim Balsillie.

Because of the laws regarding bankruptcy, officials say that Moyes tactics may have done more then get him out of the hot seat, it may have helped him to slide past the $700 million in penalties for ending a 30-year contract with the Jobing.com Arena, an arena that cost tax payers millions.

It also may have given the team to Canada, as Balsillie plans on moving the Coyotes somewhere in Ontario.

While many are decrying this move as an unfair swindle by a man who’s team was losing millions, his financial adviser says that there was nothing else Moyes could have done.

“He had gone through extensive marketing efforts and was unable to get offers for the team that would take care of the creditors,” Earl Schudder said.

Details have not yet been confirmed about the move.

Source


Comments

3 Responses to “Phoenix Coyotes May Be Moving To Canada After Owner Declares Bankruptcy”

  1. Bankruptcy Laws, Bankruptcy Law - Phoenix Coyotes May Be Moving To Canada After Owner Declares - Chattahbox.com « Bankruptcy Laws on May 7th, 2009 11:35 am

    […] Phoenix Coyotes May Be Moving To Canada After Owner Declares – Chattahbox.comArizona (ChattahBox) – Jerry Moyes (shown), owner of the NHL team the Phoenix Coyotes, has shocked the sports world after filing for bankruptcy and selling the team. Moyes was set to lose the Coyotes, but before the NHL commissioner could […]

  2. callie on May 7th, 2009 6:03 pm

    LISTEN PEOPLES THE PHOENIX COYOTES ARE NOT MOVING SO have faith man in the coyotes

  3. ian on May 8th, 2009 3:27 am

    this is awful!!! keep the team phoenix!!!!!
    the reason being is i love hockey and
    if they move i can not watch the red wings kick their ass!

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