Balsillie Raises Bid for NHL Phoenix Coyotes by $30 Million
Sept. 8 (Bloomberg) -- BlackBerry billionaire Jim Balsillieraised by $30 million his offer for the bankrupt PhoenixCoyotes, according to documents filed yesterday in the U.S.Bankruptcy Court in Arizona.
Balsillie’s initial offer of $212.5 million already washigher than the National Hockey League’s bid of $140 million andIce Edge LLC’s $150 million.
All of the bids have been submitted to the court, which isoverseeing the Coyotes’ Chapter 11 case. Judge Redfield T. Baumhas scheduled an auction for Sept. 10 to choose a buyer.
Balsillie’s PSE Sports & Entertainment LP has offered thecity of Glendale, Arizona, additional funds to buy out theteam’s 30-year lease at Jobing.com Arena. Balsillie, co-chiefexecutive officer of Blackberry maker Research In Motion Ltd.,wants to move the team to Hamilton, Ontario.
“PSE cannot force Glendale to sell its claims, of course,but is willing to buy them for $50 million, which issubstantially more than Glendale would recover in the bankruptcycases,” the document said.
If Glendale agrees to sell its claims, PSE’s offer willresult “in a net benefit to the estate and its creditors of a$30 million increase.”
NHL team owners have rejected Balsillie’s offer in aneffort keep the team in the Phoenix suburb of Glendale.
Coyotes owner Jerry Moyes sought Chapter 11 protection forthe team this year, citing almost $400 million in losses.
The case is Dewey Ranch Hockey LLC, 09-09488, U.S.Bankruptcy Court, District of Arizona (Phoenix).
To contact the reporter on this story:Nancy Kercheval in Washington at nkercheval@bloomberg.net.
Last Updated: September 8, 2009 00:32 EDTSource: Bloomberg
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