Finally, auction day has come for the Phoenix Coyotes. It's two days, actually.

The NHL franchise is to be sold at auction in a two-day hearing that began Thursday in U.S. Bankruptcy Court in downtown Phoenix.

Only two bids have been made.

One by Canadian billionaire James Balsillie is contingent on moving the team to Hamilton, Ontario, over the overwhelming opposition of the NHL.

The other is by the NHL, which says it will resell the team outside of the bankruptcy process, either to an owner who would keep the team in Glendale or, failing that, to someone who would relocate the franchise. Balsillie and NHL commissioner Gary Bettman were in the crowded courtroom when the hearing began.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

PHOENIX (AP) — Finally, auction day has come for the Phoenix Coyotes. It's two days, actually.

The NHL franchise is to be sold at auction in a two-day hearing that begins Thursday in U.S. Bankruptcy Court in downtown Phoenix.

Only two bids have been made. One by Canadian billionaire James Balsillie is contingent on moving the team to Hamilton, Ontario, over the overwhelming opposition by the NHL.

The other is by the NHL, which says it will resell the team outside of the bankruptcy process, either to an owner who would keep the team in Glendale or, failing that, to someone who would relocate the franchise.