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Report: Coyotes lost more than $60 million last season

TSN.ca Staff

7/24/2009 8:52:15 PM

According to a report in the Globe and Mail, the Phoenix Coyotes lost more than $60 million last season.

Documents filed in Arizona bankruptcy court show that the Coyotes hockey operations lost more than $27 million last season and have lost over $20 million each of the last three seasons.  The documents also show that the team's hockey revenue totaled about $58 million, mostly from ticket sales.

The Globe is reporting that the net loss, which included interest payments and other costs, was just over $67 million.

The team originally filed for Chapter 11 protection in May while an auction for bidders to keep the team in Phoenix is slated for August 5th. 

At this point Chicago Bulls and White Sox owner Jerry Reinsdorf has made the only offer, a $148 million deal that would see the team remain in Glendale.  A group led by Canadian Daryl Jones of Research Edge LLC has stated that they also plan to make a bid.

Should the August 5th auction fail to produce a suitable offer, another auction will take place on September 10th to possibly relocate the club.  It is expected at that time that Research in Motion CEO Jim Balsillie will once again bid on the team and attempt to relocate the Coyotes to the Southern Ontario market.