Professional Hockey Team Files for Bankruptcy Protection

The automotive industry and other blue collar industries aren’t the only ones hurting in this economic environment. The Phoenix Coyotes, a National Hockey League (NHL) team located in Glendale, Arizona, has begun bankruptcy proceedings as the team claims to have lost $76 million dollars over the course of the last 3 years. The bankruptcy proceeding may be bad for fans of the team in Phoenix, because a move is for the team. The situation has garnered a bid of $212.5 million from wealthy Canadian and BlackBerry mogul Jim Balsillie who wants to move the team to Hamilton, Ontario, Canada. However, the NHL is reluctant to have the team relocate, preferring that Chicagoan Jerry Reinsdorf purchase the team and keep the Coyotes in Glendale. Regardless of who ends up purchasing the team at the end of bankruptcy proceedings, the NHL insists that its board of governors is the only body that can decide whether or not the team relocates. However, it will be up to Judge Redfield Baum to decide who is truly in charge of the team and whether the team’s filing of chapter 11 bankruptcy is valid.

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