Bankruptcy

From Globe and Mail: The NHL and Phoenix Coyotes owner Jerry Moyes have essentially agreed on how the team will be operated on a day-to-day basis as a result of court-ordered mediation. Both sides will be able to tell U.S. Bankruptcy Court Judge Redfield T. Baum at a hearing on Wednesday that the once-contentious issue of who controls the team has been resolved. It is expected that the league will continue to finance the team's operation until a buyer is found. There is one source of conflict remaining – the timeline of the bankruptcy petition, sale of the team and its possible relocation. The Moyes camp wants it done quickly so that the winning bidder, be it Jim Balsillie and his $212.5-million (all currency U.S.) offer or anyone else, can move the team by the start of the season this fall and avoid another year of $40-million-plus losses in Phoenix. The NHL remains adamant that is much too soon for a move for various reasons, including their procedures for allowing a franchise to move and logistical problems with the schedule. For complete story, click here. And so the drama gets slightly resolved but continues nonetheless.

NHL, Coyotes agree on operating team