Reinsdorf bows out of bidding

New organization steps up to purchase the Phoenix Coyotes

The group of investors led by Jerry Reinsdorf, owner of the Chicago Bulls and White Sox, missed their opportunity to buy the Phoenix Coyotes because they couldn’t meet an Aug. 25 deadline to place a concrete bid on the team. Reinsdorf says an “unwilling seller” and what he called “an organized effort designed to provide negative and misleading information to interested parties,” prevented his group from making a solid offer. However, the NHL and a new group called Ice Edge holdings both placed bids in time. They’re competing with Research In Motion co-CEO Jim Balsillie, who made a $212.5 million offer and plans to move the Coyotes to Hamilton, Ont., against the NHL’s wishes. The actual auction is set to take place on Sept. 10.