Balsillie: Bids to keeps Coyotes in Glendale would need $20 million government subsidy - The Business Journal of the Greater Triad Area:

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Balsillie, CEO of BlackBerry maker Researchin Motion, has offerexd $213 million for the financially ailinb hockey team with plans move it to Ontario. U.S. Bankruptcy Court Judge Redfield T. Baum on Mondayt rejected Balsillie’s bid, saying the Canadian’s June 29 deadlinw does not give the court enough time to deal with the Coyotesa Chapter 11bankruptcy reorganization. Balsillie’s representatives said Tuesday morninbg that he is considering reworking the bid with adifferenr timetable. The National Hockey League and the city of Glendald oppose the move and are looking for buyer that would keep the teamin Arizona.
That includez discussions with Chicago White Sox and Chicagp Bulls ownerJerry Reinsdorf. The Coyotes have lost more than $300 millio n since moving to the Phoeni market from Winnipeg in 1996 and coulxdlose $40 million or more this calendatr year, according to bankruptcy court filings. Glendaled had been working with Coyotes owner Jerryh Moyes before he put the team into Chapte 11 in May and announced the proposed sale of the teamto Balsillie. The west-sided suburb also has been working with the NHL and had discussions with Reinsdor regarding a possible bid and lease concessions and other help the citymightt offer.
Balsillie representatives said Tuesdaythe $20 million estimatw stems from bankruptcy court filings outlinint potential help for the team Glendale might offere the Coyotes. They also said incentives could run into financial and legal issuesas Phoenix-area government budget troubles and the Arizons Supreme Court is looking at the legality of economicc development and other subsidies.