The Save The Coyotes Coalition

Well Coyotes fans, your days may be numbered as the team filed for Chapter 11 bankruptcy in federal court today.

According to the team, an agreement to sell the team to PSE Sports & Entertainment, LP, a Delaware limited partnership (”PSE”), has been reached for $212.5 million with the knowledge that the new owners would relocate the team to Ontario, Canada.

While things look bleak there is still the off chance that the team can stay in Phoenix according to current owner Jerry Moyes.

“As Managing Member of the Coyotes, I have a duty to seek a transaction that will return the most in sale proceeds to the secured and unsecured creditors. No other proposal to acquire the team provided nearly as much payment to the creditors as that offered by PSE, with the understanding that the procedure is in place for other parties to offer more, particularly if the City of Glendale provides financial incentives to keep the team in Glendale. Overbids must exceed the PSE proposal by $5 million and must be fully funded at closing without a financing contingency.”

It is still unclear exactly how PSE would break the team’s lease agreement with the City of Glendale or if that issue will prove to be a hang up during the Chapter 11 proceedings.

Phoenix Coyotes File for Bankruptcy Court-Approved Sale [BusinessWire]