quentinHulsizer Withdraws From Buying Coyotes
June 28th 2011 14:07
Matthew Hulsizer, a Chicago businessman, who was thought to be a promising buyer of the Phoenix Coyotes, a team that went into bankruptcy two years ago, has walked away from buying the franchise. He hoped of making a deal to buy the team from the NHL last spring, but a new arena lease agreement with the City of Glendale caused him to withdraw from the deal. Hulsizer's departure from the team leaves Phoenix future less certain than before, but the commission, Bill Daly said “there are still suitors for the franchise.” One suitor is Jerry Reinsdorf, who is the owner of the Chicago Bulls and White Sox, has been on and off for Phoenix in the past two years is now back as a potential owner. Reinsdorf has been suspected as to having interests buying the team without significant givebacks from the City of Glendale. Another group is also in the running for being a owner. The NHL has recently approved the sale of the Atlanta Thrashers to a group in Winnipeg.
The withdrawal of Hulsizer may force the NHL to look into relocated markets for Phoenix in the 2012-13 season. The NHL is unlikely to keep the team in Arizona beyond next season if a buyer cannot be found that can work out a lease agreement with Glendale's City council and officials. Hulsizer had a lease proposal approved by the city council months ago, but made another proposal which would have given the city more flexibility in managing the deal. When the new proposal didn't get approved, Hulsizer said he had enough and withdrew. Glendale has agreed to sell more $100 million dollars in municipal bonds, but the public interest group, The Goldwater Institute, has threatened to sue if the bond sale went through, because it effectively stalls the bond sale. For now, the Phoenix Coyotes remain optimistic that a new owner will be in place by the end of August.
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