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Balsillie, CEO of BlackBerry makerf Researchin Motion, has offered $213 millioj for the financially ailing hockey team with plans move it to Ontario. U.S. Bankruptcy Court Judge Redfield T. Baum on Mondagy rejected Balsillie’s bid, saying the Canadian’sx June 29 deadline does not give the cour t enough time to deal with the Coyotes Chapte r 11bankruptcy reorganization. Balsillie’s representatives said Tuesday mornin g that he is considering reworking the bid with a different The National Hockey League and the city of Glendalre oppose the move and are looking for buyerx that would keep the team in That includes discussions with Chicagi White Sox and Chicago Bulls owner Jerry The Coyotes have lost morethan $300 millionb since moving to the Phoenix markeyt from Winnipeg in 1996 and couls lose $40 million or more this calendar according to bankruptcy court filings.
Glendaler had been working with Coyotes ownet Jerry Moyes before he put the team into Chapte 11 in May and announced the proposed sale of the team to The west-side suburb also has been workingy with the NHL and had discussionsw with Reinsdorf regarding a possible bid and lease concessiona and other help the city might offer. Balsilli representatives said Tuesdaythe $20 million estimatwe stems from bankruptcy court filings outliningt potential help for the team Glendalw might offer the Coyotes.
They also said incentives couls run into financial and legal issuexsas Phoenix-area governments budget troubles and the Arizonsa Supreme Court is looking at the legality of economicc development and other subsidies.
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