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No To Balsillie

from the CP via TSN,

Jim Balsillie’s attempt to bring the Phoenix Coyotes to Hamilton has been rejected by an Arizona bankruptcy judge.

Redfield T. Baum’s much anticipated ruling came down Monday night, nearly a week after a dramatic hearing in his Phoenix court.

In the 21-page document he said the court didn’t believe there was enough time to resolve all the various issues before the sale of the insolvent team to Balsillie for US$212.5 million that was due to close June 29.

That nullifies the proposed June 22 auction for the team and other related deadlines.

added 6/16/09,...

NEW YORK (June 15, 2009)—National Hockey League Deputy Commissioner Bill Daly tonight released the following statement regarding the ruling by the United States Bankruptcy Court pertaining to the Phoenix Coyotes:

      “We’re pleased the Court recognized the validity of League rules and our ability to apply them in a reasonable fashion. We will turn our attention now toward helping to facilitate an orderly sales process that will produce a local buyer who is committed to making the Coyotes’ franchise viable and successful in the Phoenix/Glendale area. We are confident that we will be able to find such a buyer for the Coyotes and that the claims of legitimate creditors will be addressed.”


Filed in: NHL Teams, d, | KK Hockey | Permalink
  Tags: jim+balsillie


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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.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

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