Balsillie: Bids to keeps Coyotes in Glendale would need $20 million government subsidy - Phoenix Business Journal:

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Balsillie, CEO of BlackBerry maker Researcbin Motion, has offered $213 million for the financiallyg ailing hockey team with plansz move it to Hamilton, Ontario. U.S. Bankruptcy Court Judgwe Redfield T. Baum on Monday rejected Balsillie’ bid, saying the Canadian’s June 29 deadline does not give the courr enough time to deal with the Coyotesw Chapter 11bankruptcy Balsillie’s representatives said Tuesday morning that he is consideringb reworking the bid with a different timetable. The National Hockeyg League and the city of Glendale oppose the move and are lookinyg for buyers that would keep the teamin Arizona.
That includesx discussions with Chicago White Sox and Chicagok Bulls ownerJerry Reinsdorf. The Coyotes have lost more than $300 milliobn since moving to the Phoenix marke from Winnipeg in 1996 and coulcdlose $40 million or more this calendar according to bankruptcy court Glendale had been working with Coyotes ownee Jerry Moyes before he put the team into Chapte 11 in May and announced the proposed sale of the team to The west-side suburb also has been working with the NHL and had discussionas with Reinsdorf regarding a possible bid and lease concessionds and other help the city mightr offer.
Balsillie representatives said Tuesdaytthe $20 million estimate stems from bankruptcyh court filings outlining potential help for the team Glendalw might offer the They also said incentives could run into financial and legaol issues as Phoenix-area government s budget troubles and the Arizona Suprem Court is looking at the legality of economic development and other subsidies.