As reported by TSN.ca: "Arizona bankruptcy Judge Redfield T. Baum rejected the Canadian billionaire's bold bid for the insolvent team Monday, saying in a 21-page ruling that there wasn't enough time to deal with all the unresolved issues raised by the unprecedented case."
For the third time, Jim Balsille has been turned away by the National Hockey League. Gary Bettman has won round three. Will this be the last we hear from Jim Balsille? I highly doubt any man with his deep pockets and determination will simply ride off into the sunset.
What happens to the Coyotes now? Well, for starters, it remains to be seen if there are any other concrete offers to buy this team out of bankruptcy. If not, the NHL has the option of buying the team itself and running it until they find a suitable buyer.
Could the Coyotes still move to southern Ontario? The answer is simply yes, it is possible. If the NHL garners enough interest from potential owners in that area, then they could sell the franchise for a greater fee. A fee that would equal, in the NHL's minds, the value of a second franchise in the Southern Ontario area.
For now, it appears that next season Phoenix will get the chance to show that they really do deserve an NHL franchise. One could only hope that they could be a success story, much like Pittsburgh has become successful since bankruptcy and close sale to Mr. Balsille.
More details to follow as this story develops...