A few things have become clear over the years when it comes to the Phoenix Coyotes ownership saga. Like being engaged, nothing is official until the contract is signed, and you can’t trust much of what is coming from the Canadian media.
Today’s source of misinformation comes courtesy of a usual suspect, David Shoalts of the Globe and Mail. He claims that Matthew Hulsizer attempted to purchase all the bonds required in the sale of the team to him.
By the way, a source said in the last few days before he pulled out, Hulsizer offered to buy the municipal bonds that were the most contentious issue in the sale. The bond sale was supposed to provide a $100-million up-front payment to Hulsizer, who was to provide the other $70-million to meet the NHL’s asking price of $170-million.
Sources have told me that the only way Hulsizer could get a deal done was with that bond money. It’s hard to believe, regardless of what Shoalts’ sources are telling him, that he would have had the capital to purchase the bonds. Even if he did, there are questions about the legality of that as well.
While Hulsizer seemed like a match made in heaven, like in any relationship, it’s the things you don’t know about that are the deal breakers. It seems there is a lot that we don’t know about the negotiations between the Chicago businessman, the NHL and the City of Glendale.
One thing is clear, whenever a deal to purchase the Coyotes is completed, it won’t involve any bond money at all.