Court Watch - POSTED: 2009/09/08 16:22
Two studies conducted for the NHL set a potential relocation fee of $101 million to $195 million to move the Phoenix Coyotes to Hamilton, Ontario.
The figures are listed in a lengthy brief filed over the weekend in the bitter fight in U.S. Bankruptcy Court over ownership of the franchise.
The potential fees are in stark contrast to the $11.2 million to $12.9 million cited by economics professor Andrew Zimbalist in a study conducted for Canadian billionaire James Balsillie. Balsillie, co-CEO of the company that makes the Blackberry, wants to buy the franchise for $212.5 million, contingent on moving it to Hamilton.
The NHL made a last-minute bid of $140 million to purchase the team and keep it in Arizona.
The team is to be sold at auction on Thursday, but many legal issues have yet to be resolved.
The league, in determining a potential relocation fee, cited studies conducted for the NHL by the Barrett Sports Group and Sports Value Consulting.
The Barrett study concludes that the franchise in Hamilton would be worth $261.8 million to $279.8 million. Sports Value's figure was a whopping $315 million.
Meanwhile, Barrett said the Coyotes in Glendale would be worth $163 million to $176 million and Sports Value places the figure at $120 million.
The NHL refuses to consider the possible relocation of the franchise, however, because its board of governors voted 26-0 with three abstentions against Balsillie as an owner.