PHOENIX (CN) - The Phoenix Coyotes hockey team filed for Chapter 11 this week, listing more than $107 million in debts - $104 million of it to team owner Jerry Moyes. Moyes may sell the NHL team to a group that wants to move the team to Canada, according to news reports. Research in Motion CEO Jim Balsille reportedly offered $212.5 million for the team.
The Coyotes came to Phoenix suburb Glendale from Winnipeg in 1996. Balsille, whose company makes the Blackberry, is believed to want to return the team to Ontario, Canada. The Coyotes already have received a loan from the NHL, which could take over the franchise, according to the Phoenix Business Journal. The team could be subject to a $750 million penalty if it breaks its 30-year lease with Glendale, according to the Business Journal, but it's not clear how or whether that would be enforced if the NHL takes over, or how the bankruptcy filing may affect it.
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