Phoenix Coyotes owner Jerry Moyes has sent a letter to the editor of the Arizona Republic newspaper. He says he is resigned to losing more than $200 million dollars of his own money put into the team "no matter what."
And he says, after explaining a history of investing in business in the area that Jim Balsillie is the only one who has come forward with enough money to pay the team's creditors. IN it, he writes:
No one other than Canadian businessman Jim Balsillie's company has offered enough to pay the creditors, which led to my initiating a court-supervised sale process. This process will be open and transparent, and all offers current and future must be fairly examined; guaranteeing an equitable offer.
I know I will lose more than $200 million invested in capital and the majority of my loans to the team, no matter what. I have come to terms with that. But I don't think it's reasonable for the city or the NHL to go to the next person with deep pockets and give that person a deal they would not give me and the investors I sought to attract.