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charlene · 10-01-2009, 04:50 PM

http://www.reuters.com/article/sport...5906J820091001

Canadian billionaire Jim Balsillie, co-chief executive of BlackBerry maker Research In Motion Ltd, also offered to buy the team and move it to Ontario, Canada, but on Wednesday, Judge Redfield Baum of the U.S. Bankruptcy Court in Phoenix rejected bids by the NHL and Balsillie. Balsillie does not plan an appeal.

Baum left the door open for the NHL to resubmit its $140 million bid, after rejecting Balsillie's $242.5 million bid, saying it did not protect the NHL's right to select its owners and where teams would play.

Baum called the team's operating losses of more than $270 million from 2004 to 2008 "devastating".

"He's basically given them (the NHL) a road map on how to get the bankruptcy court's approval," said Marc Ganis, president of Sportscorp Ltd, a Chicago sports business consulting firm. "Obviously, the NHL would be foolish not to take the opening."

If the NHL buys the team, analysts said its losses would force a move because Glendale was unlikely to offer the team a deal that would make staying there worthwhile.

It is generally not expected that the NHL would retain ownership of the team for more than a year or two, which could be enough time to find an owner willing to keep it in Arizona

10-01-2009, 04:50 PM	#13
charlene Moderator Join Date: May 2000 Posts: 16,001	Re: Will this finally be Maple Leafs' year? http://www.reuters.com/article/sport...5906J820091001 Canadian billionaire Jim Balsillie, co-chief executive of BlackBerry maker Research In Motion Ltd, also offered to buy the team and move it to Ontario, Canada, but on Wednesday, Judge Redfield Baum of the U.S. Bankruptcy Court in Phoenix rejected bids by the NHL and Balsillie. Balsillie does not plan an appeal. Baum left the door open for the NHL to resubmit its $140 million bid, after rejecting Balsillie's $242.5 million bid, saying it did not protect the NHL's right to select its owners and where teams would play. Baum called the team's operating losses of more than $270 million from 2004 to 2008 "devastating". "He's basically given them (the NHL) a road map on how to get the bankruptcy court's approval," said Marc Ganis, president of Sportscorp Ltd, a Chicago sports business consulting firm. "Obviously, the NHL would be foolish not to take the opening." If the NHL buys the team, analysts said its losses would force a move because Glendale was unlikely to offer the team a deal that would make staying there worthwhile. It is generally not expected that the NHL would retain ownership of the team for more than a year or two, which could be enough time to find an owner willing to keep it in Arizona