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Glendale bond-failure report false: NHL

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TORONTO - A report on a Toronto radio station earlier today about the status of the City of Glendale's public bond offering failing is being discounted by the NHL.

FAN 590 personality Bob McCown told his listeners he had information that the public bond offering had failed and that Glendale would now turn to private investors to try and sell the $125 million in bonds they will use to help Matthew Hulsizer buy the Phoenix Coyotes from the NHL.

NHL deputy commissioner Bill Daly told the Free Press in an email the report was "totally false."

The NHL purchased the Coyotes out of bankruptcy court in the summer of 2009 for $140 million, and reportedly lost $30 million operating the team last year.

The NHL has come to an agreement with Hulszier to sell him the team for $170 million. If, however, Glendale cannot front Hulsizer the promised $100 million, it's believed the sale will fall apart.

True North Sports and Entertainment made a bid to purchase the Coyotes in the spring of 2010. It is believed if the Hulsizer deal falls apart, the NHL will then turn to True North to try to conclude a deal that would see the Coyotes relocated to Winnipeg, where they would play out of the MTS Centre.

History

Updated on Wednesday, January 26, 2011 at 5:08 PM CST: Adds information that NHL discounts the rumour.

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