Kukla's Korner Hockey
by Alanah McGinley on 05/21/11 at 02:28 AM ET
From David Shoalts at the Globe & Mail:
Bettman’s maneuvering could have backfired, but he had luck on his side. When Glendale politicians kicked in another $25-million recently toward next season’s Coyotes losses, Bettman won another year to sort out the sale of the Coyotes to Chicago businessman Matthew Hulsizer. The Goldwater Institute has effectively blocked that deal by threatening to sue if the sale of $116-million of municipal bonds is allowed to proceed. Revenue from the bonds is meant to finance the sale, along with $97-million in arena management fees that would be granted to Hulsizer.
Glendale’s second consecutive $25-million gift allowed Bettman to redirect True North from a brief dalliance with the Coyotes, and back to the Thrashers.
It is now conceivable that Bettman will deprive the Atlanta Spirit group - nine partners led by Bruce Levenson and Michael Gearon Jr. - of any proceeds from the $60-million relocation fee. He may even insist that the league deserves a $30-million cut from the $110-million franchise price, too.
The commissioner can argue that he, with the help of Hulsizer, created artificial value for the Thrashers by keeping the Coyotes in Glendale. Bettman may also claim a finder’s fee of sorts, by arguing the league brought True North and its $170-million to the table after Levenson and partners failed to sell the Thrashers after several years forlornly seeking a single credible buyer.
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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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