PHOENIX – The NHL put a price tag of between $261 million and $279 on the value of a hockey team in Hamilton, and a franchise there would be among the top five in league revenues, according to confidential documents that were released in court Thursday in what is turning into a legal version of Deal or No Deal.

There was no shortage of surprises on the first day of cross examinations in the bankruptcy case of the Phoenix Coyotes, with Judge Redfield Baum dropping the biggest bomb: he may not sell the team at all.

The judge expressed reservations over both the NHL's $140 million offer that would, at least temporarily keep the team in Glendale, and BlackBerry billionaire Jim Balsillie's $242.5 million offer that would move it to Hamilton.

"You're all forgetting there's a third option here," said Baum. "No sale."

That caused an audible gasp in the court room, with lawyers later saying they had no idea what would happen if the judge went through with this previously unfathomable thought.

"I don't like to second guess or prognosticate what (the judge is) going to do," said NHL commissioner Gary Bettman. "This is the judge's procedure now and he'll conduct the proceedings as he sees fit."

Bettman — who will have to testify Friday — was asked by reporters about the league's resistance to go to Hamilton. Its own experts — in previously classified documents that were revealed in pieces Thursday — said Hamilton could be the fifth most valuable in the NHL. Bettman answered in a double negative, suggesting the league has indeed considered expansion to Hamilton.

"It's not a question that we haven't considered, wouldn't consider," said Bettman. "Ithasn't been ripe."

The actual auction is scheduled for Friday afternoon. No surprise bidders emerged, but there were other developments:

-Balsillie won't testify — the NHL says it doesn't need to talk to him.

-Wayne Gretzky and Argos owners Howard Sokolowski and David Cynamon were in on the ill-fated Ice Edge bid.

-Gretzky is offering to take a $6 million pay cut if the team stays in Phoenix.

More surprises may come Friday when both sides talk up their bids.

The judge seemed to express dismay at the NHL's offer that there was so little money for owner Jerry Moyes. The league is not designating any money for him, but said the bankrupt estate could receive as little as $4 million and up to $13 million depending on what happened with other creditors.

The judge said the league was too vague and ordered it to clarify some items. He also strongly suggested the league find a way to treat Moyes more "fairly."

Asked after court about the possibility of the league could sweeten its offer, Bettman said: "In the final analysis we'll have submitted a bid we think best reflects what we need to do."

As hot as it was in court on Thursday — the judge told lawyers in the packed room it would be okay to remove jackets — it could get even steamier on Friday when Bettman is cross-examined by Balsillie's chief lawyer, Jeffrey Kessler.

Ballsillie offered no comment after court, and didn't want to speculate why the NHL was not interested in cross-examining him.

Thursday was spent mostly by lawyers intent on attacking the credibility and numbers associated with various experts.

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Former CFL commissioner Tom Wright held up under attacks from NHL lawyer Shep Goldfein, who inferred Wright's lack of knowledge about hockey should be reason to disregard Wright's reasoning behind the relocation application he wrote for Balsillie.

Wright stuck to his guns that "no amount of life support" will bring hockey back to life in the desert.

Much of the time — to the judge's chagrin — was spent arguing franchise costs and relocation fees posted by various experts. Balsillie's people want the relocation fee to range between nothing and $16 million. The NHL believes the range is between $101 million and $195 million.

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