File photo of Coyotes owner Jerry Moyes arriving at the U.S. Bankruptcy Court in May 2009. (Photo: Associated Press)
PHOENIX (NAZ Today) – A federal bankruptcy judge has approved the sale of the Phoenix Coyotes to the NHL today. Coyotes owner Jerry Moyes took the team into Chapter 11 bankruptcy in May and tried to unsuccessfully sell the team to Canadian billionaire Jim Balsillie. The NHL would not allow the sale from Moyes to Balsillie as they felt it was circumventing the rules.
If the sale had been successful, it would have moved the team from Glendale to Hamilton, Ontario. The judge threw out Balsillie’s bid on grounds he could not overrule the NHL board of governors vote of 26-0. Moyes decided to take the NHL’s bid. As a result, the league will reduce the amount Moyes owes them.
The creditors will be paid from the acquisition, but team owners Moyes and Wayne Gretzky will not be paid.
Though there have been a few offers from Ice Edge and the owners of the Toronto Argonauts, but the league plans to resell the team, specifically to a buyer who will keep the Coyotes in Glendale.
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