PHOENIX (AP) -Jim Balsillie’s bid to purchase the Phoenix Coyotes and move the franchise to southern Ontario, Canada, will be withdrawn if it isn’t approved by the U.S. Bankruptcy Court by the end of June.
Balsillie’s deadline appears in documents filed Tuesday by the attorneys for Coyotes owner Jerry Moyes.
The Canadian businessman says the sale must be completed before the end of next month to allow for setting the team’s schedule for the coming season, readying its new home arena in Hamilton and resolving other matters.
Balsillie has offered $212.5 million to purchase the team, contingent on moving it to Hamilton. The NHL wants to find a buyer to keep the franchise in Glendale and says Balsillie needs league approval to purchase and move the team.
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