NHL

Moyes' lawyers demand NHL increase offer to buy Coyotes

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TSN.ca Staff
9/7/2009 5:18:04 PM
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Lawyers for Coyotes owner Jerry Moyes are looking for the NHL to make a significant increase in their offer to purchase the club.

According to a report in the Toronto Star, Moyes wants the league to pony up at least $80 million to ensure he recoups some of the $300 million he claims to have lost on the team.  The sum of $80 million is approximately the difference between the NHL's bid of $140 million and the bid submitted by Jim Balsillie's PSE Sports and Entertainment for approximately $212.5 million (all figures are in US dollars.)

"The real decision to be made here is hardly a contest: $212.5 million from PSE and $140 million from the NHL," stated court documents filed by Moyes' lawyers. "(The NHL) is $80 million short of the ticket to buy this team.

"The NHL should step up to the bar. ... All it has to do is propose a bid that is better for all of the estates' creditors than the one proposed by PSE. It really is that simple."

Should the NHL be granted the team at an auction later in the week, Moyes and Coyotes' head coach Wayne Gretzky would receive no compensation.

Jerry Moyes (Photo: The Canadian Press)

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(Photo: The Canadian Press)
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