The Phoenix Coyotes -- who actually play in Glendale, Arizona, and were, until 1996, the Winnipeg Jets -- filed for Chapter 11 bankruptcy protection on May 5.

The Coyotes have enjoyed the third-worst attendance in the NHL and have lost more than $300 million since arriving in the desert. Bankruptcy court records detail the poor turnouts, showing that, on average, the team drew fewer than 11,000 fans per game to their 17,900-seat Jobing.com Arena last season.

Sorry scenes like this one may be what prompted the Toronto Star to quip: "Attendance at Jobing.com Arena was announced at 13,377, but many of those customers must have come disguised as empty seats."

• STOCKS
• RELATED ARTICLES
• ALSO BY...

SEARCH:

Quote, Unquote: Biased Credit Rating Agencies?
Airlines: People Won't Fly, So We'll Raise Fees
Trading Radar: GDP Highlights a Thin Week
California Oversteps with HDTV Regulations
Goldman, Beaten But Unbowed

Quote, Unquote: Biased Credit Rating Agencies?
Low Inflation? Not in Prison
Rags to Riches CEOs: Larry Ellison
Rags to Riches CEOs: Ken Lewis
Quote, Unquote: The Heavenly Work of Bankers

The Coyotes can’t seem to put asses in seats, even with a rank of 28 in the Fan Cost Index (FCI) at Teammarketing.com -- pegging the cost of attending a Coyotes game one of the lowest in the league.

Here’s how the FCI is calculated: it adds the cost of 4 average-price tickets, 2 small draft beers, 4 small soft drinks, 4 regular-size hot dogs, parking for one car, 2 game programs, and 2 of the least expensive adult-size caps. Phoenix’s FCI is $221.80, about $65 below the NHL average. The average ticket price hovers around $38, more than $10 below the league average.

Why such problems? Here’s what the Arizona Republic has to say about the sad-sack stickhandlers from Glendale:

“The Coyotes’ financial success has always been a huge gamble for the franchise’s majority owners -- real estate developer Steve Ellman and trucking kingpin Jerry Moyes. Unlike your average sports bettor placing a $100 wager on the Super Bowl, Ellman and Moyes didn’t use their own money when they wanted to place a stupendous bet on the financial success of the Coyotes. Instead, they tapped taxpayers."