BREAKING: COYOTES FILES FOR BANKRUPCY. BALSILLIE OFFERS TO PURCHASE. RELOCATE TO CANADA

Dewey Ranch Hockey, LLC and its affiliates Arena Management Group, LLC, Coyotes Holdings, LLC and Coyotes Hockey, LLC (collectively “Coyotes”), owner of the National Hockey League (NHL) team the Phoenix Coyotes filed for Chapter 11 reorganization to implement a court-approved sale of the team under the federal bankruptcy code. The filing included a proposed sale of the franchise to PSE Sports & Entertainment, LP, a Delaware limited partnership (“PSE”), which would move the franchise to southern Ontario, Canada. “Extensive efforts have been undertaken to sell the team, or attract additional investors, who would keep the team in Glendale,” said Coyotes' Chief Executive Officer and Managing Member Jerry Moyes. “Creating a process under the supervision of a judge assures that anyone wishing to purchase the team will have the opportunity to bid. Likewise, the City of Glend...