Will Money Woes Make Phoenix Coyotes Extinct?

Last week we mentioned that the recession appears to be hitting the NBA hard, with attendance down almost across the board and the league seemingly teetering towards a full-blown crisis. It’s no surprise then that if the NBA is hurting, then the NHL must really be suffering.

Empty NHL arena

The GLOBE AND MAIL reports that the Phoenix Coyotes are hemorrhaging money at a rate of $25 to $35 million a year, and could be facing a sale or - even more ominously - possible bankruptcy. Owner Jerry Moyes has already tried to sell the team back to his former partner but was rebuffed. And a statement by an NHL official is hardly the equivalent of Jim Cramer screaming “BUY! BUY! BUY!” at you:

Read more…