Reinsdorf drops bid to buy Coyotes

The Chicago Tribune is reporting Reinsdorf has dropped his bid to buy the Phoenix Coyotes.

Glendale Sports and Entertainment, whose principals are John
Kaites, Jerry Reinsdorf and Tony Tavares, regrets to inform all
interested parties that despite expending a great deal of time, money,
and effort, it is unable to comply with the court mandated deadline of
August 25, 2009, for having a firm offer to purchase the Phoenix
Coyotes and keep them in Glendale.

Despite the fact that we always thought that we were operating on
an extremely aggressive timeline, we were able to accomplish a great
deal in a very short time period. Our capital structure is negotiated,
and we have negotiated acceptable deals with the secured creditors as
well as a number of unsecured creditors. We have developed a solid
business plan that would result in keeping the Coyotes in Glendale and
in a relatively short period of time turning the team into a successful
and viable NHL franchise.

All of this was accomplished while the unwilling seller created an
expensive litigious environment and pressed a public relations strategy
that has had the effect of chilling the negotiations with the City. It
is unfortunate that this conduct continues. We have faced an organized
publicity effort designed to provide negative and misleading
information to interested parties. Not only has this stymied
negotiations, but is has eroded local market demand for Coyotes
tickets, luxury boxes, and sponsorships.

Despite arduous efforts by the City of Glendale's administration
and ourselves, we have been unable to reach an acceptable lease deal
for the operation of the team at the Jobing.Com Arena. Since we have
not finalized this critical agreement within the mandated timeline we
cannot submit a firm and binding offer to the Court.

Looks like they just couldn't pull everything together in time.  It will be interesting to see where the story goes now.   The original offer, contingent on moving the team, was worth considerably more money than the Reinsdorf's offer, but perhaps the desire to keep the team in Phoenix will allow Reinsdorf to play hard ball on the leasing deal.

Perhaps a negotiating ploy or perhaps he's just out.  I don't know enough to say one way or the other.  

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