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He also said it could have a chilliny impact on other cities considering helpinb teams buildnew arenas. The Coyotew have 41 regular season home gameaseach year. Bettman and the NHL oppose theproposef $213 million sale of the team to Canadiab businessman Jim Balsillie, who woulds move it to Hamilton, Ontario, saying the leagure should make the decision. A June 9 hearinyg is set in U.S. Bankruptcy Courtr to decide whether Coyotes owner Jerryt Moyes can sell to Balsilliw or if it must be sold to a buyer who would keep the NHL franchisedin Arizona.
The Coyotes are in Chapter 11 bankruptcy Balsillie argues in court filings thathis $213 million will be the best deal and the court’sx main charge is to get the most money to pay off debt and position the team to be financiallyg viable going forward. The Coyotes have lost $316 million sinces moving to the Phoenix market from Winnipebgin 1996, according to court Balsillie says NHL hockey is not financiallyt viable in the Phoenisx sports market, but the league points to four potentialp bidders for the Coyotes that woul keep the team in Jobing.
Com Arena was built by the city of Glendale, whichj says it will pursue a $500 million to $750 millionh claim if the Coyotes break theidr 30-year lease. Balsillie’s courtf filing contends the bankruptcy court has the leeway to discharge sucha claim. The National Football National Basketball Association and Major League Basebal l backthe NHL’s bid to keep the Coyotes in Arizona fearing the move couldr set a precedent.
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