Quote:
Originally Posted by troutman
Due diligence tripping up Phoenix Coyotes sale?
http://www.bizjournals.com/phoenix/m...article_search
The challenge for the Coyotes sale has been that “crossing the t’s and dotting the i’s” phase. The team has been losing $20 million to $25 million a year. Prospective ownership groups have struggled over the red stains on the Coyotes' balance sheet and how to work out something related to the team’s losses with the NHL and Glendale.
One source who has direct knowledge of the Coyotes' long-running saga says prospective buyers have come in with optimism regarding their bids, only to run into stumbling blocks when investment partners see the franchise’s losses.
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Not surprising, they come in thinking 'how bad can it be? We're a bunch of hotshots we can turn anything around' and then when they get a look at the books that bravado is replaced by a dash for the exit.