Kukla's Korner Hockey
by Paul on 10/01/08 at 07:36 AM ET
from David Shoalts and Sean Gordon of the Globe and Mail,
One source said the bid for the 27-per-cent stake is for $20-million. In Del Biaggio’s bankruptcy filing, the share is said to be worth $23.5-million, and is his biggest single asset. Fritch declined to say how much the partners bid, but admitted it was at a discount to the stated value.
There is ample evidence, however, that Balsillie would not be afraid to make a much higher bid.
Before he was rejected as a potential owner by the NHL because he made no secret about his plans to move the Predators to Hamilton, Balsillie had agreed to pay Leipold $238-million for the team.
Fritch said the bankruptcy trustee may not be able to simply sell to the highest bidder. He said there are two complications: Balsillie’s bid would have to be approved first by the rest of the Predators’ owners, and then by the NHL’s board of governors.
added 6:33am, from Stephen Brunt of the Globe and Mail,
Could the league governors still reject Balsillie as an owner?
Well they could try, but presuming he meets their own rather loose standards (remember, the NHL leads all professional sports in the number of owners that have left in handcuffs), they would do so at the risk of legal action.
If Balsillie got his team, could they try to block him from moving it?
Well, again, they could try,...
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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