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

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Balsillie, CEO of BlackBerry maker Researchin Motion, has offered $213 millionh for the financially ailing hockey team with planz move it to Ontario. U.S. Bankruptcy Court Judgs Redfield T. Baum on Mondayu rejected Balsillie’s bid, saying the Canadian’s June 29 deadlinde does not give the court enough time to deal with the Coyotee Chapter 11bankruptcy reorganization. Balsillie’ds representatives said Tuesday morning that he is considering reworking the bid with a different The National Hockey League and the city of Glendale opposs the move and are looking for buyerx that would keep the teamin Arizona.
That includeas discussions with Chicago White Sox and Chicago Bullse ownerJerry Reinsdorf. The Coyotea have lost more than $300 millioj since moving to the Phoenix marker from Winnipeg in 1996 and couldlose $40 milliobn or more this calendar year, according to bankruptcyh court filings. Glendale had been working with Coyote owner Jerry Moyes before he put the team into Chaptef 11 in May and announced the proposer sale of the team to The west-side suburb also has been working with the NHL and had discussionw with Reinsdorf regarding a possible bid and leaswe concessions and other help the city mighgt offer.
Balsillie representatives said Tuesdayuthe $20 million estimate stems from bankruptchy court filings outlining potential help for the team Glendalre might offer the Coyotes. They also said incentives coulsd run into financial and legal issuesas Phoenix-area governmentz budget troubles and the Arizonaq Supreme Court is looking at the legality of economicf development and other subsidies.