.... Gosbee said it seemed like it might be the right deal. His next call was to Dey, a friend and business associate, who still has a yellowed 1989 front page of the Calgary Herald from the day the Calgary Flames won the Stanley Cup taped to the door of his childhood bedroom in his parents’ home.
Gosbee reached him in Houston, where he was involved in the gas industry.
“He said, ‘I have a crazy idea. I came across the Ice Edge guys, Anthony and Daryl, who have been looking at this for a long time. Do you want to go down to Phoenix and check it out?’ ” Dey recalled.
“I said, ‘Are you crazy? The Phoenix Coyotes? I mean, haven’t they been losing money? Didn’t they go into bankruptcy?’ He said, ‘Yeah, but I think it’s worthwhile,’ ” Dey said.
Dey agreed and met with Gosbee and LeBlanc in Glendale. They met again with the Coyotes executives and players. They caught a couple of games. There was still a buzz in the arena.
They went back to their corners of North America to consider what they had seen. Later, the four principals spoke by phone.
Gosbee and Dey said they were impressed enough to consider the deal further.
They agreed to dispatch Dey to Glendale again to conduct a full-on investigative financial analysis of the team.
“I came back out here and spent a week in a data room, grinding through all the fun stuff like financial statements, forecasts, budgets and putting together our own pro forma on the team,” Dey said.
Gosbee and Dey liked what they saw and told LeBlanc and Jones that they were in. By early March, the principals went to New York to meet with NHL Commissioner Gary Bettman to let him know they wanted to submit a bid.
The potential investors came across as well-organized and dedicated to putting together a deal, Bettman said.
“My impression was that if they could deliver on everything they were talking about, this was going to be good,” he said....