Coyote Ugly

The prospect of the NHL’s return to Winnipeg has continued to gather steam in recent days, with CBC reporting last week that Jerry Reinsdorf’s group has officially withdrawn from efforts to purchase the Phoenix Coyotes. Reinsdorf was quoted by the public broadcaster as saying “it was time to move on”. That leaves Ice Edge Holdings and its notoriously shaky financial backers as the only remaining bidder committed to keeping the franchise in Arizona – that is, if you don’t count the handful of home games that Ice Edge wants to see the team play in Saskatoon to compensate for the anticipated unprofitability in the dessert.

Meanwhile, David Shoalts of the Globe and Mail reported yesterday that Ice Edge has until Friday to produce a term sheet, stating how much financing the group’s bankers are prepared to lend – at least theoretically. As Shoalts rightly points out, albeit with slight exaggeration, “anyone can get a term sheet from a bank [and] the document is not binding”. Even if Ice Edge were able to get a $100 million loan – a figure outlined in a memorandum of understanding reached last week with city council – there is still the matter of finding the other $65 million to cover the anticipated $165 million sale. Where that would come from is anyone’s guess, but few believe Ice Edge has that kind of money. And if Ice Edge can’t close a deal, there’s no one left on the list who is prepared to keep the team where it is.

With next year’s schedule expected to be released exactly one week from today, it’s probably too late for Canadian hockey broadcasters to be planning a trip to Winnipeg for the 2010-2011 campaign. But if I were CBC or TSN, I’d certainly be scouting potential hotels in the Winnipeg area for the following season – if not in Saskatoon for this year.