Jeff Shumway resigned as chairman and CEO of the financially troubled Phoenix Coyotes on Friday.
Shumway had served as CEO of the Coyotes since April 2006. He was relinquishing his duties with the NHL team to manage other business ventures of team owner Jerry Moyes.
Not really sure what this means in terms of the whole financial situation for the team, but Moyes probably has him working on other projects since he's losing money hand over fist. I don't think that this is a bad sign, though I'm waiting for Shoalts from the G and M to write about how people are jumping ship, I think it's actually good. If the talks with investors are going well and new ownership will be on the way in, it may be a good idea for Moyes' staff to take a step back. God knows he could use the help and the Coyotes aren't his only business that's losing money right now.