NHL asks court to postpone Phoenix Coyotes sale hearing to Sept. 10

By Caroline Salls

Pittsburgh, July 31 - The National Hockey League has asked the court to postpone Dewey Ranch Hockey LLC's hearing on approval of the sale of substantially all of the assets of the Phoenix Coyotes to Sept. 10, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Arizona.

The league has also asked the court to postpone a hearing on approval of any sale that would move the team from Glendale, Ariz., until after the 2009-2010 hockey season.

The league said it has spent months actively seeking a buyer for the team, including negotiations with two prospective buyers.

However, the NHL said both prospective buyers have asked for more time to perform due diligence, secure financing and negotiate a sale agreement.

The league said it also processed background applications and decided that Dewey Ranch's original prospective buyer Jim Balsillie was not suitable to own an NHL team.

As previously reported, the court denied the company's original $212.5 million agreement to sell the team to Balsillie's company in June after the NHL fought against the sale, which would have moved the Coyotes to Ontario.

Although it was not yet able to determine the suitability of potential bidder the Ice Edge Group, which is led by Anthony LeBlanc, the league said it has encouraged the group to complete its NHL application and work to finalize a qualified bid.

In addition, the league said an offer submitted by the Reinsdorf Group, led by Jerry Reinsdorf, which is dedicated to keeping the team in Glendale, Ariz., "presents a significant opportunity to sell the team."

According to the motion, the Reinsdorf Group is close to reaching a deal with the city of Glendale, which is a significant contingency to its bid.

Dewey Ranch and Arena Management Group, LLC, Coyotes Holdings, LLC and Coyotes Hockey, LLC are the owners of the Phoenix Coyotes National Hockey League team. The owners filed for bankruptcy on May 5, and the Chapter 11 case number is 09-09488.

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