Phoenix Coyotes Endless Ownership / Relocation Saga

We will spare you (and us) the full recap of this drama that has dragged on longer than the final season of Lost and has been even more full of plot twists, smoke monsters, and bad writing than the TV show which we are now safe from.

Perhaps the end might also be near for the Desert Dogs hockey run.

The City of Glendale has called for an emergency meeting according to some newspaper in Winnipeg (not exactly sure where that is, but I believe if you are from there you can be asked to show proof of citizenship if stopped by the Maricopa County Sheriff's Department):

The City of Glendale has called an emergency council meeting for 4 p.m. Winnipeg time today to hear from city manager Ed Beasley on the status of negotiations with potential owners of the Phoenix Coyotes.

Based on a line in the agenda released by the city, it sounds as though they will review a lease agreement or a Memorandum of Understanding (MOU), or both.

What might this mean? We have no idea other than the fact that no local media outlet, Twitters, or non-hockey fans seem to care.

Our extensive (five-minute) research did teach us that the City of Glendale is heavily invested in the 'Yotes staying in its fair city -- which happened to be my home town from ages 5 to 18, if you count Maryvale as part of Glendale, which is only fair, if not technically true.

West Side, yo!

[Note by Seth Pollack, 06/04/10 3:28 PM MST ]

Five for Howling is all over this.

Agreement (Allegedly) In Place For Hulsizer To Buy Coyotes From NHL

When it comes to this story, there's absolutely no reason to believe anything until it's done. Until the ink is dried and the fat lady has sung, nothing has happened except more noise.

But at least today's noise is positive -- if you are a supporter of keeping the Coyotes NHL ice hockey team in the desert where they belong. What?

Here's the latest from around the web starting with our own Five for Howling:

• Five For Howling - For Phoenix Coyotes Fans "The City of Glendale and the Hulsizer Group have reached an agreement in principle on the lease that would allow the Hulsizer Group to purchase the Coyotes from the NHL under the terms they requested, the provisions of the deal are subject to formal approval by the NHL board of governors."
• Matthew Hulsizer has deal in place to buy Phoenix Coyotes - Phoenix Business Journal Chicago finance executive Matthew Hulsizer has a tentative deal in place to buy the Phoenix Coyotes from the National Hockey League. The sale would keep the Coyotes in Arizona.
• Chicago businessman Matthew Hulsizer closing in on purchase of Phoenix Coyotes - ESPN "We're hopeful, and have reason to believe, that we may be moving toward a good resolution of the Coyotes' ownership situation," Daly told ESPN.com.

Of course, the Canadian media can't get their stories straight. I blame the lack of oxygen and sunshine. They really should move to Arizona, where the climate is much more conducive to hockey ... and thinking.

• Latest bid to buy Coyotes stalls - The Globe and Mail Good news for hockey fans in Winnipeg. Matthew Hulsizer’s bid to buy the Phoenix Coyotes from the NHL has stalled because the Chicago businessman wants a big discount on the $165-million (all currency U.S.) the league wants for the team, two sources say.
• Coyotes staying in the desert? | Hockey | Sports | Winnipeg Sun It looks like the Phoenix Coyotes won't be coming back to their original home after all. Sources have confirmed that the NHL has reached a conceptual agreement with Chicago businessman Matthew Hulsizer that would keep the Coyotes in Glendale, Ariz. for the foreseeable future.

Super Rich Dude Pledges $25 Million To Glendale

New updates have come out regarding the uncertain status of the Phoenix Coyotes. According to a report out from the Arizona Republic, a potential mystery buyer had pledged to cover the $25 million the NHL charged to Glendale to cover operating losses and expenses.

It is widely believed that the mystery buyer is Chicago businessman Matthew Hulsizer. Hulsizer was a spectator at the Coyotes' rookie game earlier in the week.

"As the city and the prospective buyer work toward finalizing documents, in a show of good faith, the prospective buyer has deposited $25 million dollars into escrow," Glendale's statement read.

Glendale officials would not name the potential buyer, but the city has been negotiating for weeks with Matthew Hulsizer, a Chicago investor.

"This shows the city has met the NHL deadline for finding a qualified buyer, who will keep the team here, a requirement to release the City's $25 million currently in escrow," the statement said. "Glendale and the NHL will continue to move forward to work with the prospective buyer to facilitate a purchase of the team that will keep the Coyotes in Glendale for the long term."

Super Rich Chicago Dude Matthew Hulsizer Bidding On Coyotes

According to ESPN sources, the mystery shopper for the NHL-owned Coyotes is none other than Matthew Hulsizer, CEO of PEAK6 Investment.

The Coyotes have been treading water waiting for their White Knight for some time, yadda, yadda, yadda and now flash forward to the guy described being the real deal.

"He dwarfs [Jerry] Reinsdorf when it comes to personal net worth."

And really, at this point isn't that all that matters?

Head over to Five for Howling for more mystery owner news talk.

New Mystery Owner Bidding For Coyotes As Ice Edge Holdings Backs Off

As the Coyotes turn...

The latest in this never-ending game of "Who will buy the Coyotes" is news today from the Phoenix Business Journal that a mysterious rich guy is now in the running to boy the team and (allegedly) wants to keep them in Glendale.

Ice Edge, after all their big talk about having the money to pull off the deal seems resigned for taking a back seat and setting for a minor league hockey team in a minor league hockey city.

Ice Edge announced Monday it was focused on bringing an ECHL minor league hockey team to Thunder Bay, Ontario. Ice Edge CEO Keith McCullough said in a statement Monday his investment group could have some involvement with the new Coyotes ownership group.

"We understand another party that we have become acquainted with is in advanced negotiations with Glendale and an announcement could happen soon. If this occurs, we expect to continue to be involved with the Coyotes as an adviser for the foreseeable future," McCullough said.

 

Now we wait to find out who this mystery owner is.

For more Coyotes discussion, head over to Five for Howling.

Coyotes Ownership Situation Clouded, Season Tickets Sales Slow

According to a report from the ever reliable and never biased Canadian media, the City of Glendale is now talking to three more groups about a potential purchase of the team. Included in the potential new (old) suitors is the on-again, off-again Jerry Reinsdorf.

Ice Edge Holdings lost the right exclusively negotiate with the City of Glendale when it failed to produce proof that it had the financial firepower to buy the team.

The report from Sportsnet.ca states that, "Another source close to the team said that only 1,800 season tickets have been sold for the 2010-11 season."

Wonder why fans would be unwilling to commit to an owner-less team?

Then again, the folks north of the border have been more than willing to pile on rumor and gossip regarding the Coyotes troubled situation so who knows.

Bidding for the bankrupt Texas Ranger ended up with two powerful groups driving up the price to $385 million while no one has stepped up in Phoenix to save the Coyotes. The deflated real estate market, which has always been a key driver of the local economy, certainly can't help, but there's little doubt that apathy for the fate of hockey in the desert is playing it's part as well.

Other Parties Interested In Coyotes, New President Mike Nealy Claims

Mike Nealy has been the Coyotes president for a month, but it’s been a busy month. In a wide-ranging interview with the Arizona Republic, he claims that other parties have expressed interest in purchasing the Coyotes:

“There are others out there that are viable,” Mike Nealy, who took over one month ago, said. But such groups “like to stay quieter.”

Nealy also claimed that the Coyotes front office has nothing to do with shutting down the twitter account of Paul Bissonnette, but online conspiracy theorists continue to disagree.

Ice Edge, Coyotes Deal On Thin Ice According To City Of Glendale

Stop me if you’ve heard this before…Ice Edge’s deal to buy the Phoenix Coyotes is running into some issues. Apparently Ice Edge has fail to produce some of the financial documents required by the terms laid out by City of Glendale. According to The Arizona Republic:

The group of Canadian and American investors was required to show Glendale proof of its financing last month in order to negotiate exclusively with the city and work on a detailed lease for the Coyotes to play at city-owned Jobing.com Arena.

At the deadline, Glendale said Ice Edge had submitted “some of the required financial information.” City officials declined public records requests for more detail.

But on Monday, city spokeswoman Julie Frisoni revealed that Ice Edge has failed to submit some of the required documents, five weeks past the deadline. She would not elaborate on the missing files.

With that, the deadline of exclusivity with Ice Edge has passed that doesn’t mean negotiations can’t go forward. Ice Edge doesn’t sound worried, spokesman Robert Johnson:

Johnson said the exclusivity agreement is “nice to have” but not necessary.

“Whether it exists or not has no impact on whether we can complete the purchase of the team,” Johnson said.

Right, not so worried someone else is gonna roll in and scoop those Coyotes up, but there’s still that whole cash money issue:

“We have submitted the documents we believe meet the requirements regarding the state of our financing,” he said. “We remain confident of our ability to buy the team from the NHL.”

Johnson declined to say whether Ice Edge had secured financial backing

Oh great.

Montreal Gazette: Saskatoon Still On The Radar For Ice Edge

The Montreal Gazette has done some investigative reporting: will there be some future Coyotes “home games” in Saskatoon?

Ice Edge has not abandoned the idea, a group spokesperson confirmed Monday.

“The proposal to play a handful of games in Saskatoon is still in the Ice Edge proposal,” said Robert Johnson, a consultant with High Ground, a Phoenix-based public relations firm representing Ice Edge. “But as you know, it would have to be approved by the NHL.”

Ice Edge Shows Glendale The Money

Ice Edge Holdings has shown Glendale the money, proving they have the financial backing to buy the Coyotes.

It wasn’t so much a bag full of dollar dollar bilz, but it was some form of letter from some kind of banker.

Next step -- actually buying the team from the NHL.

Ice Edge Meets With NHL, Must Substantiate Finances By Friday

According to the Arizona Republic, Ice Edge Holdings met with NHL officials on Tuesday to dicuss a number of Coyotes-related things, including their preliminary new lease agreement with the City of Glendale, and their financing plan for purchasing the Coyotes.

The investment group must prove to the city that they have legit financing by Friday. If the deadline is missed, the city is free to seek other offers, if there are any out there.

Ice Edge Wants Ownership By August, Details Plans To Make Money Appear From Thin Air

With Ice Edge Holdings now in the clearing to move aggressively in their purchase strategy, the group is grinding out the details, which include:

1) Their desire to own the Coyotes by August, and
2) Their plan for finding millions and millions of dollars under their couch cushions, from the goodwill of relatives, and from their kids’ college funds.

According to new reports, IEH must provide proof of financing by next Friday, or else … they’ll get longer to do it because no one else is in the queue to buy the team.

Ice Edge chief executive Anthony LeBlanc desputes the idea that the team has no money to back up their desires, saying,

"If anything, it’s been amusing that we are viewed as unable to complete this deal. Why would we put ourselves out there without (a way to pay for the team)?"

We’ll all know by next Friday, apparently, if the joke’s on us or Ice Edge.

Ice Edge Holdings Hires PR Company To Aid Bid For Coyotes

Ice Edge Holdings has gotten off to a somewhat rocky start in its attempt to purchase the Phoenix Coyotes. Mike Sunnucks of the Phoenix Business Journal reports that the investment group has hired a local lobbying firm to help assist its bid effort.

Ice Edge Holdings has hired Phoenix-based public relations and lobbying firm HighGround Public Affairs Consultants to help the investment group in its efforts to buy the Phoenix Coyotes hockey team.

HighGround Vice President Robert Johnson said Ice Edge hired his firm Tuesday.

"We started yesterday helping manage their public affairs as they go through the process," Johnson said.

HighGround’s client list, Sunnucks notes, is quite impressive.

Some of HighGround’s other clients include the Tostitos Fiesta Bowl, city of Tucson, Salt River Project, Maricopa County and DMB Associates.

Head over to SB Nation’s Five For Howling for everything Coyotes.

Ice Edge Holdings Approved By Glendale To Buy Team

This is big news.

GLENDALE, Ariz.- The Glendale City Council voted unanimously Tuesday night to approve a memorandum of understanding from Ice Edge Holdings toward purchasing the Phoenix Coyotes and keeping the NHL team at Jobing.com Arena.

The memorandum gives Ice Edge, a group of Canadian and American investors, exclusive negotiating rights for a new arena lease over the next 60 days. A new lease is a necessary step toward buying the team from the NHL. Glendale officials say the memorandum will be forwarded to league officials for a final decision.

Of course, there's a long way from approval from Glendale, who desperately wants a buyer that will keep the team in their fancy building, and Ice Edge Holdings is the only bachelor left standing. But that doesn't mean that IEH has the dowry.

Step 1 of the agreement calls for Ice Edge to provide a bank term sheet within the next 10 days showing it may be able to find appropriate financing to purchase the team. Getting that financing, along with negotiating a new lease for Jobing.com Arena, is believed to be one of the group’s major remaining hurdles leading up to being vetted as potential owners by the NHL.

“It’s hard to gauge the probability of this deal closing,” Ice Edge chief operating officer Daryl Jones told the Winnipeg Free Press on Tuesday.

“Realistically, there has been a great deal of financial turmoil in the world over the last 45 days, sovereign-debt issues and stock market corrections, which are going to make it harder for us, or any group, to close this transaction. That being said, we do remain optimistic.”

Our own Five for Howling crew was on-site at the Glendale meeting and spoke with IEH CEO Anthony Leblanc who disputes the quote:

I spoke with Ice Edge CEO Anthony Leblanc prior to the meeting and he assured me that the quote was taken a bit out of context and run with (as we have grown used to with the Winnipeg Free Press and other Canadian media sources).  And really, based on the structure of the MOU and the provision that requires IEH to provide a term sheet within 10 days or lose its exclusivity, it doesn't make much sense for IEH to push this vote if they don't have that term sheet pretty much ready to go.  And from what Leblanc said during the meeting itself, he expects that IEH will present the term sheet before the end of the week.

Something tells me this story isn't over yet.

Ice Edge Admits They Might Be Pretending To Be Serious In Bid To Buy Coyotes

Oh, you need actual money? Well, in that case, Ice Edge Holdings' bid to purchase the Phoenix Coyotes might be in jeopardy. Via Winnipeg Free Press:

Daryl Jones, CEO of Ice Edge Holdings, the lone group in discussions with the City of Glendale to buy and keep the Phoenix Coyotes at Jobing.com Arena, is not sure his team will be able to put together a financing package to purchase the team.
“It’s hard to gauge the probability of this deal closing,” said Jones.
“Realistically, there has been a great deal of financial turmoil in the world over the last 45 days, sovereign-debt issues and stock market corrections, which are going to make it harder for us, or any group, to close this transaction. That being said, we do remain optimistic.”

As always, visit Five for Howling on the latest twists and turns of this telenovela.

Reinsdorf Group Drops Out Of Coyotes' Process, Cites OMG! Drama As Reason

Cue soap opera music: Jerry Reinsdorf’s group has removed itself from the saga to buy the Phoenix Coyotes, leaving Ice Edge Holdings as the only potential buyer. via The Canadian Press: (I’m sure they know hockey, and whatnot)

Reinsdorf, owner of the Chicago White Sox and Chicago Bulls, issued a statement Monday night saying “it was time to move on.”

The Reinsdorf group once was the front-runner to buy the team but had fallen out of favour in recent weeks while Glendale officials worked out a memorandum of understanding with Ice Edge, a group of Canadian and American investors.

In the statement, the Reinsdorf group, known as Glendale Hockey, called the decision to pull out “a difficult one because of our respect for the mayor, the council and management of the city.”

“Ultimately we came to the conclusion it was time to move on,” Reinsdorf said. “We were happy to serve a critical role for the City to keep the team in Glendale and we look forward to assisting the city in the future on other projects both as a company and individually.”

The statement concluded with the Reinsdorf group wishing “Glendale, its citizens and the fans of the Coyotes the best.”

Phoenix Coyotes Move Closer to Agreement

The Glendale City Council announced that they have agreed on a new Memorandum of Understanding (MOU) with the Ice Edge Holdings group for exclusive negotiating rights for a potential (maybe… future.. maybe…kinda) purchase of the Phoenix Coyotes. From Azcentral:

But for the next 60 days, Glendale agrees to negotiate exclusively with Ice Edge, as long as the group of American and Canadian investors shows a term sheet from a lender that demonstrates their financial capacity to purchase the team.
The exclusivity clause would be canceled if another potential buyer makes a $25 million deposit with the NHL to buy the team.

Or get your lawyer on and read the whole document here. Report back with what it actually says, thanks much.