Balsillie Still Fighting

Canadian billionaire Jim Balsillie is continuing his quest to bring an NHL side to Hamilton. The embattled Phoenix Coyotes are his target but it is not going to be easy to bring them up North. The Coyotes are bankrupt but there are a myriad of concerns troubling all parties and it appears that everyone is keen to stick their noses into the debate.

A joint statement made by major professional sporting bodies, the NFL, NBA and the MLB raised concerns that if the courts and the NHL successfully blocked the sale, it could set a dangerous precedent. The whole process raises some very interesting issues regarding what is more important to the franchise; is it upholding standard business practice or is it what is best for the sport as a whole?

The major problem is that the Coyotes signed a 20 year deal to play in the Jobing.com Arena in Glendale. The city spent $183 million dollars funding the Arena which is right in the middle of the city’s entertainment area and across the road from the Arizona Cardinals home ground. Consultants hired by the city said that Glendale would suffer “unquantifiable damage” if the sale went through. They said the financial loss could reach a staggering $565 million dollars in both direct and indirect revenue if the team was allowed to break their lease.

Current owner of the Coyotes, Jerry Moyes has joined the fight with Jim Balsillie in the hope of recouping a third of the $300 million he has claimed to have already invested in the franchise. The team hasn’t had a profitable season since it moved to the city in 1996 from Winnipeg. In a tangled web of bankruptcy, legal wrangling and what may or may not be better for the sport it appears that this decision will be one made by the courts. It’s one of these tricky decisions that will have a far reaching impact on the world of professional sport and private ownership. Expect this to be a long and messy process.

On the ice there is still one more game to go in this year’s Stanley Cup. Will it be the Red Wings or can the Penguins cause the upset? If you think you know the answer get onto 888Sport because you could turn your hunch into cold hard cash.