Reinsdorf group offers $148 million to buy Phoenix Coyotes and keep team in Glendale

Reinsdorf group offers $148 million for Coyotes

PHOENIX — A group led by Chicago Bulls and Chicago White Sox owner Jerry Reinsdorf has offered to buy the bankrupt Phoenix Coyotes for $148 million and keep the team in Arizona.

The offer, submitted in bankruptcy court documents on Friday afternoon, is $64.5 million less than the bid by Canadian billionaire Jim Balsillie, who wants to move the franchise to Southern Ontario.

Reinsdorf’s offer calls for a new Jobing.com Arena lease with the city of Glendale and unspecified new agreements with other creditors, including the NHL, which has been funding the club.

Friday was the deadline set by Judge Redfield T. Baum for potential buyers who would keep the team in Arizona to submit purchase applications to the NHL.