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NHL submits bid to buy Coyotes out of bankruptcy

Tuesday, 08.25.2009 / 6:33 PM / News

NHL.com

National Hockey League Deputy Commissioner Bill Daly released the following statement regarding the NHL's submission of a bid on Tuesday to purchase the Phoenix Coyotes franchise out of bankruptcy:

"Today, the League filed its own bid to purchase the Phoenix Coyotes’ franchise out of bankruptcy in an effort to maximize the likelihood that the Club ultimately will be sold to an acceptable purchaser who is committed to operating the franchise in Glendale.

"We remain supportive of the other efforts that have been and are being made to purchase and operate the Coyotes in Glendale, and we will continue to do everything we can to assist interested groups in those efforts leading up to the scheduled sale hearing on September 10, 2009 and thereafter, if the NHL is the winning bidder.

"We believe this step was necessary at this time in order to best preserve and maximize the value of the Club asset for benefit of the Club’s creditors and for the community of Glendale.

"The bankruptcy petition and subsequent events have been incredibly damaging to the Club’s business, and the sooner the Club can be extricated from the bankruptcy process, the sooner Club personnel can begin to restore the team’s vitality and local fan base.

"In the event the League’s bid proceeds forward and ultimately is the one approved by the Court, we intend to conduct an orderly sale process to a third party buyer outside of bankruptcy.

"It continues to be our intention and hope to conclude satisfactory agreements with existing Club business partners that will allow the Coyotes to be owned and operated on a viable basis in Glendale for many years to come."


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