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Arizona Republic

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Phoenix Coyotes owner Jerry Moyes does not believe Jerry Reinsdorf's bid to buy the bankrupt NHL club is sufficient.Reinsdorf, the owner of basketball's Chicago Bulls and baseball's Chicago White Sox, offered to buy the team for $148 million US and keep them in Phoenix.

Canadian billionaire Jim Balsillie has an offer of the table for $212.5 million US, but it is conditional on being able to move the team to southern Ontario.Moyes said Reinsdorf's plan can't work because it assumes the team's lease with Glendale, Ariz., and other contracts can be renegotiated - something Moyes has been unable to accomplish.``Simply put, the Reinsdorf bid wants to only assume the team's debt and then restructure all agreements, which is what I have been trying to do for the last year,'' Moyes said in a statement released to the Arizona Republic.He put the team in bankruptcy protection on May 5 and had a hand in helping Balsillie prepare his bid.A preliminary auction for the team is set for Aug.

5 in a U.S.

bankruptcy court for potential owners who will keep the team in Arizona.

If no owner meets the court's requirements a second auction will be held in September for bidders wishing to move the team.© Copyright (c) Canwest News Service
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