One of the major hurdles of Reinsdorf's pursuit of the Phoenix Coyotes has been cleared as he came to an agreement with one of the largest creditors about paying down the debt. I'm not a die hard hockey fan, but many Bulls fans watching Reinsdorf bid up a hockey team while the Bulls continue to play poor when it comes to the luxury tax. I don't think that's fair to Jerry at this point.
Here's my take on the whole situation. Reinsdorf is basically bargain shopping in the NHL, the guy obviously loves sports, and I have no idea if hockey will come ahead of basketball like baseball clearly does, but he's got to be a die hard sports fan. Heck, he's living the dream, who wouldn't want to own a team in three sports leagues. Maybe he'll grab an NFL team and go for the cycle.
Anyway, back to the point, Reinsdorf's bid from what I've read is far lower than the competition. I didn't see the bids in this particular article, but I thought it was in the neighborhood of 50 million lower last I checked (any commentor want to post that if you remember, I'm going from memory of an article I read when the news first broke a couple months ago). What interests me most about this whole thing is that the NHL is fighting so desperately to keep this team in Phoenix.
If the team couldn't make money in Phoenix why are you trying to keep it there? Why not take the highest offer and let them move the team to Ontario where it's likely that it would get more support as hockey's a much bigger sport in Canada than the US?
Phoenix in particular seems like it doesn't have the makings of much of a hockey town as the neighborhood kids aren't going to get together on a cold winter day and go play some ice hockey. I find the saga fascinating in that the NHL seems to be working against it's own interest here in the long run to me.
Now while I'm not an expert on hockey, I'm also not an expert on Ontario, and maybe Ontario can't support a hockey team either, maybe my notion that Canadians love hockey is a bad stereotype, and maybe Phoenix is a hotbed of hockey action for neighborhood kids playing in the streets rather than the ice.
I don't know for sure, but it just seems to be strange to me. Good luck to Jerry in his pursuit of the Coyotes though.
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Reinsdorf is bidding 148 million vs 212 million, so he's definitely getting in on the cheap.