PHOENIX (AP) -Canadian billionaire Jim Balsillie and the NHL have sweetened their bids to buy the Phoenix Coyotes.
The new offers came in the final hours Friday of the two-day auction for the team in U.S. Bankruptcy Court.
Balsillie offered the city of Glendale $50 million free of conditions to drop its objections to the transfer of the franchise to Hamilton, Ontario. The earlier offer, rejected by the city, could have reduced that $50 million through various factors. Balsillie’s overall bid is $242.5 million.
The NHL’s offer, which would keep the team in Glendale, remained at $140 million. But, for the first time, it provided money to Coyotes owner Jerry Moyes.
Moyes and Wayne Gretzky would have access to about $14 million remaining in the estate, under the NHL’s estimate.
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