NHL Claims To Have Control Over Coyotes
May 11, 2009 by Jeanne Dupuis
Filed under NHL, News, Phoenix Coyotes
NHL commissioner Gary Bettman has given Phoenix Coyotes owner Jerry Moyes $38 million (USD) of the league’s money in an effort to help the team maintain operations.
To be perfectly honest, I don’t completely understand some of the jargon being thrown around but I will say that it’s pretty clear that the league was unhappy when Moyes tried to file for Chapter 11 bankruptcy.
The NHL holds an "irrevocable proxy" according to documents filed in an Arizona court and I believe that they will fight any efforts to sell the team. “As a condition to providing this support, the league required Mr. Moyes . . . to execute proxies in favour of the commissioner of the NHL to control the equity and operation of the (club). Moyes asked that he be allowed to retain his titles to avoid public embarrassment, and the league so agreed, but with the express understanding that he had no authority . . . to take any action outside the normal course of business, including filing for bankruptcy."
I don’t know what to say about that but it looks like Moyes was trying to pull a fast one on the league. I’m guessing that BlackBerry millionaire, Jim Balsillie, flashed some major cash in front of him and Moyes was tempted. Of course, the Coyotes owner is denying the claims and says that the NHL “was only given voting powers on certain matters and that bankruptcy is not included because it is not a voting matter.”
image: TSN
We need the team. We need the jobs. Keep ‘em here. Sign the petition to save the Coyotes:
http://savethecoyotes.com/