Moyes: Only Balsillie has offered `enough’ for Coyotes

The embattled owner of the Phoenix Coyotes, Jerry Moyes, defended again on Friday his decision to place the National

Hockey League franchise in bankruptcy protection.

Moyes, in a letter in Friday’s Arizona Republic, reiterated that he’ll lose in the neighbourhood of $200 million US

with the team and only BlackBerry billionaire Jim Balsillie’s offer would be help in paying off creditors.

"As the managing member and CEO of the Coyotes, I have been seeking additional investors or a buyer, as I have a

responsibility to all of the creditors of this business," Moyes wrote. "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."

Balsillie offered to purchase the Coyotes out of bankruptcy on May 5 for $212.5 million US, with the condition he’d be given the green light to move the franchise to southern Ontario.

The NHL, meanwhile, filed papers earlier this week in Arizona bankruptcy court, claiming Balsillie was trying to circumvent NHL application rules. The league maintains Moyes gave up control of the franchise in November and it wasn’t his team to place in bankruptcy.

"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," said Moyes. "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."

A hearing is slated for Tuesday in Phoenix where the ownership situation may become clearer.