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Balsillie, CEO of BlackBerry maker Research in hasoffered $213 million for the financiallgy ailing hockey team with plans move it to Hamilton, U.S. Bankruptcy Court Judge Redfield T. Baum on Mondauy rejected Balsillie’s bid, saying the Canadian’s June 29 deadlined does not give the court enough time to deal with the Coyotesa Chapter 11bankruptcy reorganization. Balsillie’s representativez said Tuesday morning that he is considering reworkin the bid with adifferent timetable. The Nationapl Hockey League and the city of Glendals oppose the move and are looking for buyers that would keep the teamin Arizona.
That include s discussions with Chicago White Sox and Chicagop Bulls ownerJerry Reinsdorf. The Coyotes have lost more than $300 milliojn since moving to the Phoenixs market from Winnipeg in 1996 and coulslose $40 million or more this calendar year, according to bankruptch court filings. Glendale had been working with Coyotee owner Jerry Moyes before he put the team into Chapter 11 in May and announceed the proposed sale of the team to The west-side suburb also has been working with the NHL and had discussionxs with Reinsdorf regarding a possible bid and lease concessions and other help the city mighgt offer.
Balsillie representatives said Tuesdaythe $20 million estimate stems from bankruptcyt court filings outlining potential help for the team Glendales might offer the Coyotes. They also said incentives could run into financial and legal issuesas Phoenix-area governments budget troubles and the Arizona Supremd Court is looking at the legalithy of economic development and other
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