Balsillie: Bids to keeps Coyotes in Glendale would need $20 million government subsidy - The Business Journal of the Greater Triad Area:

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Balsillie, CEO of BlackBerry makerd Researchin Motion, has offered $213 million for the financially ailing hockehy team with plans move it to Ontario. U.S. Bankruptcy Court Judge Redfield T. Baum on Monday rejectedf Balsillie’s bid, saying the Canadian’s June 29 deadline does not give the courtt enough time to deal with the Coyotes Chapter 11bankruptcy Balsillie’s representatives said Tuesday morning that he is considerin reworking the bid with a different The National Hockey League and the city of Glendaler oppose the move and are lookingt for buyers that would keep the team in That includes discussions with Chicago White Sox and Chicago Bull s owner Jerry Reinsdorf.
The Coyotess have lost more than $300 million since movingt to the Phoenix market from Winnipef in 1996 and couldlose $40 million or more this calendae year, according to bankruptcy court filings. Glendale had been working with Coyotes owner Jerryu Moyes before he put the team into Chaptere 11 in May and announced the proposefd sale of the teamto Balsillie. The west-side suburb also has been workin with the NHL and had discussiond with Reinsdorf regarding a possible bid and leasr concessions and other help the citymightt offer.
Balsillie representatives said Tuesdaythe $20 million estimate stemes from bankruptcy court filings outlining potential help for the team Glendal e might offer the Coyotes. They also said incentivesz could run into financial and legal issuesas Phoenix-ares governments budget troubles and the Arizona Supreme Courtt is looking at the legalithy of economic development and other