In any case the NHL looks to take a haircut to the tune of $104M after losing the lawsuit against Moyes.
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Gosbee and LeBlanc raised $250-million to buy the Coyotes. But they have little skin in the game, as they say, since $205-million of that is borrowed money. Fortress Investment Group, which lends money to distressed businesses at healthy interest rates, provided $120-million with the NHL chipping in $85-million.
Even better for Gosbee and LeBlanc, they do not have to make any payments on the principal of the NHL loan for five years. This just happens to be when their escape clause from Jobing.com Arena in suburban Glendale kicks in, if they can also show a total of $50-million in losses.
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Here he contradicts with the word "also" but later says
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Then again, in five years or even sooner if the magic number of $50-million is reached, LeBlanc and Gosbee could sell the Coyotes to someone in, say Seattle or Las Vegas, for a big whack of cash and everyone goes home happy. Well, everyone except some fans in Arizona.
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http://www.theglobeandmail.com/sport...ticle14806679/
Some confusion but all in all a big mess.