Subscriber Content Preview | Request a free trialSearch  
  Go

The Deal Magazine

   Request magazine  |  Subscribe to newsletter
Print  |  Share  |  Discuss  |  Reprint

Hockey team hand-offs

by TheDeal.com staff  |  Published March 3, 2010 at 2:00 PM
nhl_puck130x100.jpg2010

March 3: Dealbooks for the National Hockey League's Dallas Stars are expected to go out by the end of the month, an industry source said. The team's owner, Texas investor Thomas Hicks, hired Galatioto Sports Partners LP to sell it.

Feb. 5: Tampa Bay Sports & Entertainment LLC says that it has agreed to acquire the National Hockey League's Tampa Bay Lightning from OK Hockey LLC. - Demitri Diakantonis

2009

Dec. 16: Texas billionaire Tom Hicks says that his firm has selected a winner in the Texas Rangers auction. Hicks Sports Group Holdings LLC picked an investor group led by Pittsburgh sports lawyer Chuck Greenberg and Major League Baseball Hall of Fame pitcher Nolan Ryan as the final bidder for the team and its assets. - Demitri Diakantonis

Dec. 11: The NHL announces that it has signed a letter of intent to sell the Coyotes to Ice Edge Holdings LLC, one of the bidders that dropped out of the auction for the team in the Chapter 11 case of team owner Dewey Ranch Hockey LLC. - Ben Fidler

Nov. 3: Judge Redfield Baum of the U.S. Bankruptcy Court for the District of Arizona in Phoenix approves a deal that hands the Coyotes to the NHL for $140 million. - Ben Fidler

Sept. 24: Balsillie improves bid for Coyotes: Jim Balsillie has once again sweetened his bid for the NHL's Phoenix Coyotes, revealing in documents that he's willing to wait until the end of the year to move the franchise if he wins the auction. - Ben Fidler

Sept. 24: Rangers auction heats up: With the sale expected to be completed by the end of the year, a number of serious suitors are reportedly still in the auction, which could fetch $450 million to $550 million for a minority stake in the Rangers alone. According to Reuters the potential buyers are:

  • Houston businessman Jim Crane, CEO of freight company Crane Worldwide Logistics, who is pursuing the Rangers after losing out in the auction for the Chicago Cub;
  • minor league baseball team owner and sports attorney Chuck Greenberg;
  • former sports agent and current Chicago White Sox executive Dennis Gilbert.
- George White

Sept. 21: Arizona fans aren't howling for Coyotes: These days must be tough for fans of pro hockey's Phoenix Coyotes. Or is it the other way around? The bankrupt team, whose official name is Dewey Ranch Hockey LLC, drew only 2,000 fans or so for its 2009-2010 preseason opener on Sept. 15 at the Jobing.com Arena in Glendale, Ariz. OK, it's only preseason. But the current fight in the courtroom of Judge Redfield Baum of the U.S. Bankruptcy Court for the District of Arizona in Phoenix is over whether the team must be compelled to stay in Glendale or not. Certainly, recent attendance, even if for an exhibition game, doesn't bode well for the National Hockey League's adamant stand that the team not be moved. - Ben Fidler

Sept. 14: Predators latest to skate into trouble: Bankrupt Silicon Valley investor William "Boots" Del Biaggio III owns a minority interest of the Nashville Predators. He was recently sentenced to eight years in prison after he was found guilty of swindling millions of dollars from investors and banks so that he could buy that stake. Now that ownership stake, too, will have to resolved in bankruptcy court, a story in The Tennessean said. - Jamie Mason

Sept. 10: Florida Panthers deal on thin ice: In what should be no surprise to the sports industry, an apparent deal between New York blank-check company Sports Properties Acquisition Corp. and the National Hockey League's Florida Panthers is not going anywhere, according to the Miami Herald. - Demitri Diakantonis

Sept. 10: Coyotes judge could deny two bids: An Arizona bankruptcy judge has reportedly raised the prospect of rejecting the only two bids on the table for the National Hockey League's bankrupt Phoenix Coyotes franchise. Coyotes owner Dewey Ranch Hockey LLC began a two-day auction on Thursday, evaluating the prospects of separate bids from the NHL and PSE Sports & Entertainment LP, an entity controlled by Jim Balsillie, the founder and co-CEO of BlackBerry maker Research In Motion Ltd. (NASDAQ:RIMM). - John Blakeley

Sept. 8: Balsillie raises offer for Phoenix Coyotes: Canadian billionaire Jim Balsillie has raised his bid for the Phoenix Coyotes of the National Hockey League to $242.5 million as he continues to pressure the league into accepting his bid. Several news outlets reported Tuesday that Balsillie, the founder and co-CEO of BlackBerry maker Research In Motion Ltd., tabled documents with the U.S. Bankruptcy Court for the District of Arizona in Phoenix on Monday showing that he had increased his bid by $30 million. - Peter Moreira

Aug. 28: NHL, Ice Edge officially enter Coyotes bidding: The National Hockey League has revealed the terms of its last-minute offer to skate off with the bankrupt Phoenix Coyotes. The NHL, one of three bidders to submit an official offer to bankrupt Coyotes owner Dewey Ranch Hockey LLC by a Tuesday court-imposed deadline, has offered $140 million for the struggling franchise. - Ben Fidler

Aug. 26: NHL to bid for Coyotes: With its hand-picked buyer no longer bidding for the Phoenix Coyotes, the National Hockey League has vowed to take matters into its own hands ahead of a Sept. 10 auction. Deputy commissioner Bill Daly said in a statement late Tuesday that the league filed its own bid to purchase the Coyotes out of Chapter 11. - Ben Fidler

July 31: Baum no NHL ally in Coyotes fight: Balsillie submitted his application to buy the bankrupt Phoenix Coyotes and move the franchise to Hamilton, Ontario, to the NHL and its Board of Governors this past week. And it was to nobody's surprise that Balsillie, who has fought with the league in his pursuits of the Pittsburgh Penguins and the Coyotes, was rejected. - Ben Fidler

July 27: Coyotes attract one offer and a promise of another: Pro hockey's Phoenix Coyotes may have a competitive auction to keep the team in the desert after all. According to court papers filed Sunday with the U.S. Bankruptcy Court for the District of Arizona in Phoenix, bankrupt Dewey Ranch Hockey LLC, which owns the team, has received both a formal offer from a group led by Jerry Reinsdorf and a letter of intent from a group identified as Ice Edge Holdings LLC to make one worth $150 million. - Ben Fidler
 
June 29: Reinsdorf drops his puck in faceoff for Coyotes: Jerry Reinsdorf has officially joined the pursuit for the National Hockey League's Phoenix Coyotes. Reinsdorf, who owns the National Basketball Association's Chicago Bulls and Major League Baseball's Chicago White Sox, submitted a term sheet for the Coyotes by the Friday bidding deadline established by Judge Redfield Baum Sr. of the U.S. Bankruptcy Court for the District of Arizona in Phoenix. - Ben Fidler

May 26: Sports leagues of a feather stick together: There has been keen interest taken in the bankruptcy proceedings of the Phoenix Coyotes by Major League Baseball, the National Football League and the National Basketball Association. Each league carried an almost identically worded paragraph in two-page briefs filed with the U.S. Bankruptcy Court for the District of Arizona, which all opposed the Coyotes' proposed sale to Jim Balsillie and his intention to move the franchise to Canada. - Ben Fidler

May 12: NHL's Thrashers on the block?: While NHL lawyers and the Phoenix Coyotes' ownership, which thanks to a bankruptcy filing is contested now, are out playing the legal version of the coyote and the roadrunner, new rumors surfaced that the Atlanta Thrashers may end up moving to the hockey-hungry city of Hamilton, Ontario, with a purchase from an investor group led by Vancouver, British Columbia-based Tom Gaglardi. - Demitri Diakantonis

May 5: RIM chief bids for NHL's Coyotes: Balsillie, a founder of BlackBerry maker RIM, has made a bid for the bankrupt Phoenix Coyotes hockey team on the condition that he can move it to Southern Ontario. Balsillie issued a statement May 5 saying he had tabled the $212.5 million bid for the NHL team, which earlier in the day had surprised the hockey world by filing for Chapter 11 bankruptcy protection. - Peter Moreira

April 28: SPAC may buy NHL's Panthers: According to reports from Sports Business Daily and The Globe and Mail, Sports Properties Acquisition Corp. is in talks to acquire the National Hockey League's Florida Panthers. The potential deal values the Panthers at about $230 million, including debt and the BankAtlantic Center in Sunrise, Fla. - Demitri Diakantonis



April 8: Montreal Canadiens hit the block: The Montreal Canadiens have been on the block for several weeks, with several bidders conducting due diligence that could lead to a sale of all or part of the legendary hockey team. The sale is interesting because there's more at stake than owning the most successful NHL team ever, or the $335 million price tag it could command, The Globe and Mail reported. - Peter Moreira

March 26: Stars, Rangers latest teams for sale: MLB's Texas Rangers and NHL's Dallas Stars are the latest teams to hit the auction block after an active week as far as sports auctions are concerned. On March 26, Tom Hicks announced that he will look for minority investors for up to 49% stakes in both the Dallas Stars and the Texas Rangers. Hicks also owns a 50% stake in Liverpool FC of the English Premier League along with George Gillett Jr., who announced earlier he was weighing options for his stake in Liverpool and the NHL's Montreal Canadiens. - Demitri Diakantonis

Feb. 10: Coyotes dogged by auction rumors: Usually when a company goes on the auction block, the first question asked is: Who will be interested? With the Phoenix Coyotes, however, it is the opposite game being played, with the media offering a list of who doesn't want the National Hockey League franchise. - Demitri Diakantonis

2008: SHARKS, OILERS, LIGHTNING, WILD

Dec. 3, 2008: NHL's Sharks to shake things up with MLS deal: The Sports Business Journal reported that the NHL's San Jose Sharks are going to acquire a 10% to 15% stake in the San Jose Earthquakes of Major League Soccer. The deal is said to be valued between $2 million and $3 million. - Demitri Diakantonis

July 8, 2008: Katz completes purchase of NHL's Oilers: Rexall Sports Corp., a subsidiary of Canadian drugstore chain Katz Group, completed its $200 million acquisition of the National Hockey League's Edmonton Oilers from Edmonton Investors Group Ltd. on June 30. - Nathaniel E. Baker

Feb. 21, 2008: Nike ices deal for Bauer unit: Nike Inc.said Feb. 21 it has agreed to sell its Bauer hockey equipment business to Kohlberg & Co. and Canadian businessman W. Graeme Roustan for $200 million in a cash transaction. - Luisa Beltran

Feb. 14, 2008: OK Hockey to buy NHL's Ligthning: In what amounts to a rerun of sorts, Hollywood producer Oren Koules is again on the verge of purchasing pro hockey's Tampa Bay Lightning four months after the original deal he was a part of fell through. The deal includes the rights to the team, the leasehold rights to the St. Pete Times Forum, where the Lightning plays, and about 5.5 acres of land in Tampa's Channelside District. - Ben Fidler

Jan. 10, 2008: Leipold scores NHL's Wild: The sport of professional hockey is a fan-favorite past time in Minnesota, which could explain why hockey fanatic Craig Leipold basically swapped the National Hockey League's Nashville Predators for the Minnesota Wild. Leipold acquired the Wild for an undisclosed price from Minnesota Sports & Entertainment. Leipold walked away from the Predators in August, selling the franchise for $193 million. - Gerald Magpily

2007: PENGUINS, LIGHTNING, OILERS, PREDATORS

Dec. 19, 2007: Penguins deal is off; other deals already in the works: Shortly after Jim Balsillie, chairman of BlackBerry maker Research In Motion, withdrew his offer for the National Hockey League's Pittsburgh Penguins, backup plans were put into effect, and a new bidder surfaced. Penguins owner and hockey legend Mario Lemieux announced the dissolution of the $175 million deal on Monday. - Matt Wurtzel

Aug. 8, 2007: Lightning bought; Oilers off the block: Two pro hockey franchises have chosen to skate in completely different directions, with the Tampa Bay Lightning agreeing to be sold and the Edmonton Oilers claiming to have been taken off the block. The Lightning announced Aug. 7 that its ownership group, Palace Sports & Entertainment Inc., had struck a deal to sell the team to a consortium led by former Florida Panthers coach Doug MacLean. Meanwhile, Edmonton Investors Group LP, the group that owns the Oilers, has decided to pull the franchise off the block. - Ben Fidler

Aug. 2, 2007: Local group buys NHL's Predators: The back-and-forth off-season for pro hockey's Nashville Predators took its latest turn Aug. 2 when a group of primarily local investors agreed to pay $193 million to purchase the franchise, but the team's future in the Music City is still very much in the hands of its fans. - Ben Fidler

May 24, 2007: Is Balsillie hunting Predators?: If Research In Motion's Jim Balsillie is after pro hockey's Nashville Predators with visions to moving them to Kitchener-Waterloo, Ontario -- where the BlackBerry king's company is based -- he may want to think again. - Ben Fidler

June 29, 2006: Dan Marino to buy a hockey team?: According to an unattributed story in the New York Post, Dan Marino, the former Miami Dolphins quarterback, reportedly is interested in joining Mark Cuban's bid for the NHL's Pittsburgh Penguins. - Matt Wurtzel

March 13, 2007: Penguins to stay in Pittsburgh: Pennsylvania politicians have struck a deal with the owners of the Pittsburgh Penguins that will ensure that one of the National Hockey League's most recognizable franchises will remain in its home city. Just a week after co-owners Mario Lemieux and Ron Burkle declared talks for a new arena at an impasse, the franchise was reportedly set to announce March 13 that a deal has been reached for the construction of a new facility in Pittsburgh. - Ben Fidler

2006: PENGUINS, BLUES

Oct. 6, 2006: BlackBerry man wins Penguins: Pro hockey's Pittsburgh Penguins handed the keys to the franchise to a new owner late last week in a deal with a reported price tag of $175 million. The Penguins twice came close to a sale in the 10 months since they were formally put on the block. The winner was Canadian businessman Jim Balsillie. - Ben Fidler

Sept. 14, 2006: Penguins getting itchy; May 12, 2006: Exit revisited: Pittsburgh Penguins: More than one casino is ready to roll the dice on pro hockey's once-bankrupt Pittsburgh Penguins. - Ben Fidler; Jan. 27, 2006: Penguins up for sale

March 24, 2006: St. Louis Blues fetch $150M: An investor group that includes buyout shop TowerBrook Capital Partners LP and the former head of Madison Square Garden agreed to acquire pro hockey's St. Louis Blues for a price a source said was about $150 million in cash and debt. The buyer group includes Dave Checketts, former president and CEO of MSG, the New York Knicks and New York Rangers; his investment firm, Sports Capital Partners; and TowerBrook of New York and London. - Ben Fidler

Earlier, the Blues talked with Appleby.

2004-2005: REMEMBER THE STRIKE? DUCKS, CANUCKS, DEVILS

July 15, 2005: Labor accord puts NHL sale on ice: National Hockey League players will be back on the ice next season, and the agreement that will get them skating again likely will leave a buyout firm out in the cold. The NHL last weekend ended its 301-day lockout with the league and the players' association agreeing in principle on a six-year collective bargaining agreement. One byproduct of the new pact is that it will all but end the hopes of Bain Capital LLC and Game Plan LLC to acquire the struggling league. - Phineas Lambert

Feb. 25, 2005: Disney sells Mighty Ducks: Walt Disney Co. said Feb. 25 that it has a deal to sell the Anaheim Mighty Ducks to tech billionaire Henry Samueli and his wife, Susan. Samueli, the co-founder and chairman of Broadcom Corp., also owns the company that operates Anaheim's Arrowhead Pond, where the Mighty Ducks play. - Lou Whiteman

Oct. 8, 2004: Face-off or face-lift? Forget lockouts, salary caps and luxury taxes. The NHL must remake itself akin to arena football and pro soccer. - Jonathan Berke

Sept. 14, 2004: McCaw near Canucks sale: Word of a deal to sell the Vancouver Canucks and their home arena for C$250 million ($192 million) was the third most important hockey story in Canada as Canadians geared up for the championship game in the World Cup of Hockey and girded for a lockout in the National Hockey League. - Laura King

March 2, 2004: Vanderbeek group gets Devils: The defending Stanley Cup champion New Jersey Devils made a major trade March 2, but it was for some fresh capital, not a goal scorer. Lehman Brothers Inc. executive Jeffrey Vanderbeek gave his notice to the investment banking firm and will lead an investment group that's infusing equity into the hockey team. - Jonathan Berke

2003: SENATORS, COYOTES, SABRES, THRASHERS, MAPLE LEAFS

May 2, 2003: Slap shot: In Canada's capital city, saving the (bankrupt) Ottawa Senators is viewed as an act of highest patriotism. - Matt Miller (See more on their bankruptcy story in The Deal Pipeline.)

April 25, 2003: Stadium oasis for two Arizona teams: Hockey's Phoenix Coyotes are hoping a new stadium will provide a spark. The team is reportedly trying to raise as much as $400 million and hopes to move into a new 17,500-seat facility by Dec. 27. - Jonathan Berke

April 11, 2003: Golisano cleared to own Sabres: After a season this hockey team and its fans would like to forget, bankrupt Buffalo Sabres can at least look forward to having a new owner. On April 10, Judge Michael Kaplan of the U.S. Bankruptcy Court for the Western District of New York in Buffalo cleared former New York gubernatorial candidate Tom Golisano to buy the National Hockey League franchise for as much as $94.5 million. - Jonathan Berke (See more on their bankruptcy story in The Deal Pipeline.)

April 8, 2003: Turner Sports says no sale: A Turner Sports spokesman denied reports that any deal was in place to sell basketball's Atlanta Hawks, hockey's Atlanta Thrashers and the Phillips Arena where they both play. - Jonathan Berke

Feb. 11, 2003: Toronto teams get new owner: The Toronto Maple Leafs and Toronto Raptors on Feb. 11 got a new majority owner as part of a reorganization of the parent that runs both teams. - Jonathan Berke

2001: PANTHERS, CANADIENS

June 5, 2001: Huizenga sells NHL's Panthers for $101M: A group led by former football great Bernie Kosar acquired the Florida Panthers of the National Hockey League on June 5 for $101 million from H. Wayne Huizenga's Boca Resorts Inc. - Jonathan Berke

Jan. 31, 2001: George Gillett Jr. buys Montreal Canadiens: Buyout maven George N. Gillett Jr. on Jan 31 entered the ownership ranks of another winter sports pastime by acquiring an 80.1% stake in hockey's Montreal Canadiens and the team's arena, the Molson Centre, from Molson Inc. for a bargain-basement C$190 million ($126.4 million) in cash. - Jonathan Berke

Jan. 26, 2001: Pro hockey becomes a buyer's market; Dec. 22, 2000: Multiple stadium deals becoming common

2000: DEVILS, ISLANDERS, AVALANCHE

Aug. 9, 2000: Devils are in the details: Harvey Schiller, president of the YankeeNets LLC, may have jumped the gun in telling Bloomberg News that his company has "all the money that we need in place to get this done." The deal is the YankeeNets' purchase of the New Jersey Devils from John McMullen for $175 million. - Jonathan Berke

April 26, 2000: Wang buys N.Y. Islanders: Legendary Computer Associates International Inc. founder Charles Wang came back to the area where he founded his company to, along with CAI's president and CEO, Sanjay Kumar, buy the star-crossed New York Islanders hockey team for about $180 million in cash. - Jonathan Berke

April 24, 2000: Denver teams sold: Selling the National Basketball Association's Denver Nuggets and National Hockey League's Colorado Avalanche has been tougher than scaling Mount Everest. - Jonathan Berke

Share:
Tags: Blues | Canadiens | Coyotes | Devils | Disney | Ducks | George Gillett | hockey | Jim Balsillie | Lightning | Maple Leafs | NHL | Oilers | Panthers | Penguins | Predators | Rangers | Senators | Sharks | Tom Hicks | Wild
blog comments powered by Disqus

Meet the journalists



Movers & Shakers

Launch Movers and shakers slideshow

Ken deRegt will retire as head of fixed income at Morgan Stanley and be replaced by Michael Heaney and Robert Rooney. For other updates launch today's Movers & shakers slideshow.

Video

Coming back for more

Apax Partners offers $1.1 billion for Rue21, the same teenage fashion chain it took public in 2009. More video

Sectors