While the NHL commish continues to say all is well, the Toronto Globe and Mail‘s David Shoalts is on the troubled Phoenix hockey team like it was based in Canada (as that entire country thinks it should be).
Gary Bettman (above) struck out at least three times in attempts to peddle the Phoenix Coyotes, according to multiple sources.
The sources say the NHL commissioner was turned down by Chicago White Sox owner Jerry Reinsdorf, by Phoenix Suns majority owner Robert Sarver and by Ken Kendrick, the managing general partner of the Arizona Diamondbacks, on separate occasions. All three were said to have backed out after looking at the books of the Coyotes, who are expected to lose as much as $45-million (all currency U.S.) this season.
“It’s not happening,” a source close to Reinsdorf said yesterday. “They’re begging him to do it, but there’s no way. He has no interest. Who would?“
Financial documents obtained by The Globe and Mail show the team has pledged the franchise and all its assets, including all forms of revenue (with the possible exception of arena-naming rights), as collateral for loans from New York company SOF Investments LP.
SOF Investments is a subsidiary of the MSD Capital hedge fund, which is controlled by computer tycoon Michael Dell….
One source familiar with the Coyotes’ loans said their collateral covers an obligation of about $80-million to SOF Investments.