page_title: Phoenix Coyotes bankruptcy and sale
section_title: Bankruptcy filing
hierarchical_section_title: Phoenix Coyotes bankruptcy and sale / Bankruptcy filing
caption_attribution_description: English: Copps Coliseum, York Boulevard, looking East. Copps Coliseum. Copps Coliseum, looking East on York Boulevard. Copps Coliseum, at York Boulevard. Copps Coliseum in Hamilton was built in 1985 with the hope it would help lure an NHL team to the city. Français&#160;: Copps Coliseum Hamilton 19 000 places 25/09/2003. 中文: Copps Colliseum.
context_page_description: The Phoenix Coyotes, a professional ice hockey team now known as the Arizona Coyotes and playing in the National Hockey League, filed for bankruptcy in 2009 after incurring several hundred million dollars of losses since their move to Phoenix, Arizona from Winnipeg, Manitoba, where they were known as the Winnipeg Jets. Bankruptcy court rejected a plan to sell the team and move it to Canada, and the team was purchased by the NHL. The NHL operated the team in Phoenix for four seasons while seeking a new owner. After several prospective purchases fell through, the team was finally sold in the summer of 2013.
context_section_description: On May 5, 2009, the Coyotes' holding company, Dewey Ranch Hockey LLC, filed for Chapter 11 bankruptcy.  In a statement, Moyes announced that he had agreed in principle to sell the team to PSE Sports and Entertainment, headed by Research in Motion co-CEO Jim Balsillie, for $212.5 million.  As part of the deal, Balsillie intended to move the Coyotes to Hamilton, Ontario.  Although initial reports said that Balsillie was considering Kitchener as well, Hamilton already had an NHL-sized arena in place, Copps Coliseum (now FirstOntario Centre), and Balsillie was already in talks with city officials to secure a lease for the arena. Balsillie had previously made unsuccessful approaches to purchase the Pittsburgh Penguins and Nashville Predators, with the intent of relocating either team to Hamilton.
  Anyone who wanted to make a counteroffer had to exceed Balsillie's bid by at least $5 million.  At Moyes' request, Balsillie agreed to post debtor-in-possession (DIP) financing of $17 million. Balsillie's efforts also started public relations efforts, including setting up the web site makeitseven.ca to build public support in Canada for his purchase and transfer of the Coyotes to Hamilton.
  The announcement came as a surprise to the NHL and even to Coyotes staffers. Bettman had helped broker a deal that would have seen the Coyotes sold to Chicago Bulls and White Sox owner Jerry Reinsdorf. At the time of the announcement, Bettman was in Phoenix to present the deal to Moyes. Unlike Balsillie's offer, the Reinsdorf deal was to ensure the Coyotes stay in Arizona. Terms of the Reinsdorf deal were not disclosed, but The Sports Network's Bob McKenzie speculated that it was almost certainly less than the Balsillie offer.
  The NHL responded by stripping Moyes of virtually all of his ownership authority (although he remained the owner in title). Bettman said that Moyes may not have had the authority to file the bankruptcy petition, and may not have even been in full control of the team by virtue of the massive financial assistance he'd received.  Although it has been widely speculated that southern Ontario is big enough to support a third NHL team alongside the Toronto Maple Leafs and Ottawa Senators (despite the Buffalo Sabres and Detroit Red Wings being right on the doorstep of the region as well), Bettman suggested that it was not likely the league would approve any plan to move the Coyotes to Canada, and accused Moyes and Balsillie of attempting to "circumvent" league rules.  He also reiterated that the NHL was committed to the Phoenix area.
caption: Copps Coliseum, now FirstOntario Centre, in Hamilton, Ontario.
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