Balsillie Offers to Purchase Coyotes |
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| Written by Kevin Johns |
| Wednesday, 06 May 2009 19:00 |
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Balsillie Makes Offer To Purchase Phoenix Coyotes - Conditional on Team in Southern Ontario Two days ago Jim Balsillie tabled an offer today to purchase the Phoenix Coyotes, following the team's bankruptcy filing. The offer to purchase the team for $212.5 million (U.S.) is conditional on relocation to Southern Ontario, to become the seventh NHL franchise in Canada. "The current team ownership asked that I table an offer to purchase the Coyotes and significant discussions resulted in an offer that is in the best interests of the franchise, the NHL, and the great hockey fans of Canada and Southern Ontario," Mr. Balsillie said. "I am excited to move closer to bringing an NHL franchise to what I believe is one of the best un-served hockey markets in the world, Southern Ontario. A market with devoted hockey fans, a rich hockey history, a growing and diversified economy and a population of more than 7 million people," he said. At the request of the Coyotes franchise owner, Mr. Balsillie has also agreed to post debtor-in-possession (DIP) financing of $17 million (U.S.). Debtor in possession financing is bridge financing provided when a company is in an insolvency proceeding which allows the company to continue to operate through the proceeding in advance of a restructuring or sale. Prior to a final decision being reached on the proposed sale, he called for Canadian fans who want to see a seventh NHL franchise in Canada to make their voices heard. "It's particularly important for Canadian fans to demonstrate the kind of hockey market we have and the passion we share for this game. We want those Canadian voices who want a seventh NHL team in Canada to be heard throughout the North American NHL market. "Canadian fans can log on to www.makeitseven.ca to add their voices to the call for an NHL team in Southern Ontario" Mr. Balsillie said.
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| Last Updated on Thursday, 07 May 2009 06:42 |
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