The Phoney Coyotes Have Lost $389 Million Since 2004

I love to say I told you so. It's fun.

People used to look at me funny when I suggested that the Phoenix Coyotes had lost far more than $500 million since the Winnipeg Jets were moved to the desert in 1996.

They won't look at me funny anymore.

Yesterday, when Phoenix bankruptcy Judge Redfield T. Baum rejected both bids to purchase the Coyotes — although the NHL will be allowed to amend its bid and try again — he also opened up the books to the public. Here are the numbers:

The Phoenix Coyotes Hockey Club lost the following amounts of money:

2004 — $75 million

2005 — $50 million

2006 — $75 million

2007 — $117 million

2008 — $72 million

That's $389 million in five seasons. $389 million!!!!!!!

Baum said: "Financial statements raise substantial doubt as to the company's ability to continue as a going concern."

Well, no shit Sherlock.

The Phoenix Coyotes are a disaster. And it's very likely the Florida Panthers, Anaheim Ducks, Atlanta Thrashers, Nashville Predators, Tampa Bay Lightning and New York Islanders are closing in on disaster territory, as well.

The imagination runs wild thinking of how much money that Phoenix franchise will lose this year. And ol' Judge Redfield T. Baum, on the eve of the 2009-2010 NHL season, thinks it will be a good idea if that dreadful hockey club stays right there  in Glendale, Ariz., for the next seven months.

The people who run the NHL, who had their "membership selection right and control over home team location rights" protected by a bankruptcy judge who has decided to drive a joke of a franchise deeper into the financial abyss, should be counting their lucky stars tonight. Anybody else who looked at those numbers would have yelled "Shut that thing down, right now!"

No wonder the U.S. in a recession/depression. This is a wonderful example of how money is frittered away in the United States. There wasn't one person in this entire exercise who demonstrated any fiduciary ability whatsover. I wonder how many people have been stiffed by this "business?"

Sadly, throughout this entire procedure, there has not been one single person who has provided even the slightest hint that he could run a one-car funeral. I fear for the future of capitalism.

This week's question: How much money WILL the Phoenix Coyotes lose this year? The over-under line is at $200 million.