NHL, Canadian billionaire square off in crucial Coyotes court hearing in Phoenix
PHOENIX - Attorneys for the NHL and Canadian billionaire Jim Balsillie prepared for a court showdown Tuesday over whether the bankrupt Phoenix Coyotes can be sold and moved to southern Ontario despite the league's objections.
The hearing centers on the crucial question of whether U.S. Bankruptcy Judge Redfield T. Baum should grant the sale of the franchise to Balsillie for $212.5 million, a bid that is contingent on moving the team.
The NHL is fighting the move, saying it wants the team to stay in Arizona, where the league insists it could be valuable with better management and a better team.
The Coyotes have lost $314 million since moving from Winnipeg in 1996.