FanHouse Jerry Moyes

If there is a financial crisis going on in the world today, the NHL may still be oblivious to it. While teams have cut staff and offered huge deals to try and sell tickets the league isn't too worried when it comes to getting a return on franchises that are up for sale. Or maybe they just wanted to stick it to Coyotes owner Jerry Moyes for taking the team to bankruptcy court in May.

Either way, the NHL rejected Jim Balsillie's bid to buy the Phoenix Coyotes. Instead, they unanimously selected Jerry Reinsdorf's bid that was $64 million less than Basillie's. Somehow I don't think will sit well with Moyes. Nonetheless, the NHL does not have the final word as the bankruptcy court will make the final decision. The court had previously asked for the league's recommendation, prompting the vote of confidence in Reinsdorf.

While the National Hockey League continues to fight for what they feel is right for the Phoenix Coyotes, it appears they have some friends in high places.

Commissioner Gary Bettman isn't going into this fight alone. Filings in U.S. Bankruptcy Court Monday included statements from the National Football League, National Basketball Association, and Major League Baseball.

It has become quite clear that the NHL intends to keep the struggling Phoenix Coyotes where they are. Unless the bankruptcy court decides in favor of a bid from Blackberry founder Jim Balsillie, there is little chance the franchise will relocate.

This sentiment was made even stronger Friday, when league deputy commissioner Bill Daly spoke to The Canadian Press.

The NHL hasn't had a franchise relocation since the Hartford Whalers became the Carolina Hurricanes in 1997. Longtime commissioner Gary Bettman appears determined to keep that record intact.

Upon news that the Phoenix Coyotes had filed for bankruptcy and that owner wannabe Jim Balsillie had made a bid for the franchise, Bettman and the league reacted quickly. Based on what has been said in the last 18 hours, you can bet they're going to do what they can to keep the Coyotes in Glendale.

While the eyes of the hockey world were focused on the NHL All-Star Game in Montreal, one more shoe dropped back in Phoenix, where the Coyotes are literally fighting for their very survival.

Late Friday night the team announced that CEO Jeff Shumway resigned in order to tend to duties in other areas of Phoenix owner Jerry Moyes' business empire.

Here's what Moyes told the Arizona Republic on Friday night:

When you take a look at the standings in the NHL's Western Conference, it's easy to see things are looking up for the Phoenix Coyotes. After years of futility, the team is now starting to develop plenty of young talent around a solid core of veteran players like Shane Doan, Oli Jokinen, Ilya Bryzgalov and Ed Jovanovski. Put it all together, and the Coyotes are in the thick of the Western Conference playoff race a little less than halfway through the regular season.

Unfortunately for the Coyotes and head coach Wayne Gretzky, the most important number for the Coyotes these days isn't the point total in the standings, it's the numbers on the balance sheet. Earlier this month, David Shoalts of the Globe and Mail detailed the tale of woe that is Phoenix's balance sheet, with the team losing $30 million per year over the last two seasons. The line from that story that was most chilling, came from one former NHL governor who declined to be identified:

"I don't know how they can sustain the losses," one former governor said."The team loses so much money you can't sell it. If I were offered the team for a dollar, I'd say no because you can't fix it."

It is estimated by the former governor that the Coyotes have lost more than $200-million since 2001 - at least $70 million beyond the purchase price.

With the financial position of Coyotes owner Jerry Moyes on the brink of collapse thanks to the ill health of his trucking company, Swift Transportation, logic dictates that those losses can't be sustained for much longer. And if ESPN.com's Scott Burnside's latest report is correct, the NHL is already making preparations for what looks like an inevitable financial collapse.