It's no secret that the Phoenix Coyotes are in deep financial trouble, and have been for quite some time. So much so that the club may be under new ownership and possibly relocate to Hamilton, Ontario by the start of next season. But the story of the eminent sale and attempted relocation of the club is more complex than that, and it's anyone's guess as to what the future of the possibly-soon-to-be-former Phoenix Coyotes franchise will hold.
Moyes Files for Chapter 11 Bankruptcy, Stripped of CEO Title
Coyotes' owner Jerry Moyes filing for Chapter 11 bankruptcy, and his negotiations with Blackberry boss Jim Balsillie, have most likely circumvented terms in the NHL constitution that deal with financially troubled teams and those on the selling block or seeking relocation to another city. As a result of Moyes' actions, the league has stripped him of his CEO status, and the issue as to who is in actually in control of the Coyotes has gone to federal court. At best, the two have run afoul of the NHL Board of Governors and commissioner Gary Bettman, which despite the mess that has become of the Coyotes, will not expedite the club's sale to Balsillie for a reported $212.5 million.
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