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Report: NHL actively seeking investors for Coyotes
Citing league sources, ESPN reported today that the NHL is taking an active role in trying to find new investors or ownership for the financially strapped Coyotes and is being kept apprised of any "significant" financial decisions the team makes.
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The report also said the league is trying to help broker changes to the existing lease with the city of Glendale in the hopes of making the situation more attractive new investors or owners.
According to the report, Coyotes owner Jerry Moyes is in dire financial straights, with his outside business interests -- most notably Swift Transportation, a large trucking firm -- having been hammered by high gasoline costs, followed by the dramatic downturn in the economy.
And although team officials say the club has never relied on Swift revenues to run the team, the Coyotes aren't in much better shape and are expected to lose another $30 million or more this season, on top of the more than $60 million they are reported to have lost the past two years.
In short, Moyes wants out, a number of sources told ESPN.com. At the very least, he is in desperate need of an influx of capital to help in the continued operation of the team.
Multiple sources told ESPN.com the biggest hurdle is the current lease with Glendale.
The 30-year lease that accompanied significant municipal support in the building of Jobing.com Arena (the municipality put up $180 million of the $220 million price tag) has a number of problem areas as it relates to the franchise's ability to generate revenues.
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