Thanks to Chicago, Coyotes apparently staying in Phoenix

Courtesy of the Sports Network

The National Hockey League's board of governors approved an application by Chicago sports mogul Jerry Reinsdorf to purchase the financially-strapped Phoenix Coyotes.

Meeting in Chicago, the board of governors also rejected the bid of billionaire Jim Balsillie, who was set to move the team to Hamilton, Ontario.

NHL commissioner Gary Bettman issued a statement Wednesday attesting to the approval of Reinsdorf's bid to assume ownership. Reinsdorf, who owns the Chicago Bulls and White Sox, has told the league he would keep the Coyotes in Arizona.

"There were three applicant groups that were interviewed by the executive committee and considered by the board. One was Jim Balsillie's. The second was a group headed by Anthony LeBlanc, involving Mr. LeBlanc, Keith McCullough, Todd Jordan and Daryl Jones. And the third group, headed by Jerry Reinsdorf, included as well Tony Tavares and John Kaites," said the commissioner.

"Mr. Reinsdorf's application was unanimously approved by all those Board members present and voting, subject to the league's completion of its due diligence and review of the final transaction," added Bettman. "In Mr. Balsillie's case, it was the unanimous vote of all members present and voting that his application not be approved. With respect to the LeBlanc group, it was determined that, at this stage, since they've only recently begun the process, the application was incomplete and could not yet be acted on by the board. However, the executive committee reported favorably on the LeBlanc group's interview and endorsed the group's continued efforts to complete a bid to purchase the franchise.

Last month, bankruptcy court Judge Redfield T. Baum rejected a proposed sale of the team to Balsillie.

In May, Coyotes owner Jerry Moyes filed for Chapter 11 reorganization with a proposed sale of $212.5 million to PSE Sports & Entertainment LP, which would have moved the team to southern Ontario.

Since moving to the desert in 1996 from Winnipeg, the team has consistently lost money and has had trouble drawing a fan base. The Coyotes have only made the playoffs five times since going to the desert and have never made it past the first round. Also, the team has had just one winning season since last making the playoffs in the 2002-03 season.