Judge Approve Sale of Phoenix Hockey to NHL

A judge has approved the sale of the Phoenix Coyotes to the National Hockey League after the current owner filed for  Chapter 11 bankruptcy.

The $140 million sale between current owner, Phoenix businessman Jerry Moyes, to the NHL was approved by Judge Redfield Baum.

Moyes filed for Chapter 11 in May, and was originally planning to sell the team for $246 million to Jim Balsillie, CEO of Research in Motion. However, Balsillie wanted to move the team to Ontario, a move the NHL opposed.  Judge Baum sided with the NHL and ruled against the sale. Moyes later agreed to sell the team to the league.

The Coyotes are not the only professional sports team to be sold due to bankruptcy.  Earlier this year the Chicago Cubs baseball team filed for bankruptcy, allowing the owner to sell the team to the Ricketts family.

Interested in learning more about Chapter 11 bankruptcy? Click here to find a bankruptcy attorney near you!