Chicago White Sox owner Jerry Reinsdorf signs autographs for fans before Game 1 of the World Series between the White Sox and the Houston Astros at U.S. Cellular Field, Oct. 22, 2005, in Chicago. (CP PHOTO ARCHIVES/ AP/ Mark J. Terrill)MARK J. TERRILL/The Associated Press
This is the story that keeps on giving, isn't it?
We first heard reports last week that the Ice Edge group's bid for the Coyotes was having difficulty, issues coming as a result of the City of Glendale being unhappy with whatever documentation the group provided to prove its ability to buy the team.
Since then, talk has surfaced of other parties interested in the team, with long-time on again, off again suitor Jerry Reinsdorf's name figuring prominently in the latest scuttlebutt.
None of the parties involved in this story are saying much publicly, with Glendale's spokesman Julie Frisoni stating that "the city cannot comment on ongoing negotiations." NHL deputy commissioner Bill Daly, meanwhile, declined comment on all of the reports, saying only that: "We have no new information on Ice Edge's bid."
Outside of that inner circle, speculation is running high. One source told me last week that Ice Edge's bid had been "dead" for weeks and that commissioner Gary Bettman has brought Reinsdorf - long the NHL's choice in this mess - back into the mix.
Three months ago, it was Reinsdorf's bid that had passed on.
Given the difficulties with Ice Edge, however, the city could very well be more desperate than they were in May.
The main issue with Ice Edge's bid relates to concerns over their ability to finance the purchase; the main issue with Reinsdorf, however, is that he is looking for the city to heavily offset the team's losses and provide an outclause after five years.
Reading the tea leaves here, and assuming no other party enters the fray with a more favourable deal, my sense is that we'll see this all come down to a very difficult choice for Glendale: Either help subsidize the team as part of Reinsdorf's bid or allow it to pack up and leave.
Neither option is desirable, for obvious reasons, and that explains the long delay in getting a deal done. For one, there are questions as to whether the city even can subsidize the team that heavily given the presence of watchdog organizations like the Goldwater Institute. Relocation, meanwhile, would leave the Westgate development, where Jobing.com Arena sits, in dire straights.
It's been 457 days since former owner Jerry Moyes put the Coyotes into bankruptcy, and we're still waiting for a resolution. My guess is this comes down to the wire, with the NHL maintaining ownership into December - and threats of relocation in the cards if it lasts much longer than that.