However, Moyes had secretly given operational control of the team to the league. In May 2009, Moyes put the team into bankruptcy hours before Bettman was to present him an offer to sell the team to Chicago Bulls and Chicago White Sox owner Jerry Reinsdorf. Moyes intended to sell the team to Canadian billionaire Jim Balsillie, who intended to purchase the team out of bankruptcy and move it to Hamilton, Ontario. The NHL responded by stripping Moyes of his remaining ownership authority. From May until September 2009, hearings were held in Phoenix bankruptcy court to determine the fate of the Coyotes and the holding company. Two potential bidders for the team surfaced, Reinsdorf and Ice Edge Holdings, but they did not submit a bid for the team. Instead, the NHL put in the only rival bid to Balsillie for the team, while it contended the Moyes–Balsillie deal violated NHL rules. The bankruptcy court voided the planned sale to Balsillie, accepting the NHL's argument that bankruptcy could not be used to circumvent NHL rules. The NHL's bid was also declared insufficient, but the judge left the window open to an improved bid. Moyes and the NHL settled, with the NHL purchasing the team and assuming all debts. The NHL negotiated a temporary lease with the City of Glendale, which owns Gila River Arena. The NHL then negotiated with Reinsdorf and Ice Edge toward a deal with Glendale. Ice Edge signed a letter of intent to purchase the team from the NHL, while Reinsdorf had won the approval of the City of Glendale. On May 7, 2010, ESPN.com reported the Reinsdorf bid had fallen apart and that the City of Glendale was working with Ice Edge to purchase the team in a last-ditch effort to keep them in Arizona. The National Post criticized both bids, as they were conditional on municipal taxpayers covering any losses the Coyotes might incur, and suggested that keeping the team in Phoenix was never economically viable. In July 2010, the Ice Edge bid collapsed because it did not satisfy Glendale's financial conditions. Ice Edge decided to concentrate on an effort to purchase a minor league team. The City of Glendale had to step in and guarantee the team's losses for 2010–11 as a precondition of the NHL not transferring the franchise. A consortium of investors led by Chicago investor Matt Hulsizer then reached a deal to purchase