12/31/2004
www.tsn.ca
The majority owner of the Phoenix Coyotes has reportedly put the hockey club up for sale.
According to the Globe and Mail, banking sources in the Phoenix financial community say investment bank Allen and Co. has been retained to try and find a buyer for the team.
Coyotes chairman and minority owner Steve Ellman denied the report, saying the Coyotes "are not for sale and have no plans to sell". However, Jerry Moyes, who owns 70 percent of Coyote Holdings, is said to be facing financial problems and an investigation by the U.S. Securities and Exchange Commission related to insider trading accusations.
The ongoing NHL lockout and slow pace of real-estate development surrounding the team's new arena is also being blamed.
Ellman owns about 30 percent of the Coyotes while Wayne Gretzky, a managing partner of the team, also holds a small stake in the franchise.
The news of the Coyotes sale comes on the heels of reports that Disney may have found a buyer for the Anaheim Mighty Ducks. H&S Ventures, a management company which runs the Arrowhead Pond arena, says it is in talks to buy the team from Disney.