Balsillie pulls out of Penguins purchase
Friday, December 15, 2006
Shelly Anderson, Pittsburgh Post-Gazette
Canadian billionaire Jim Balsillie has withdrawn his offer to buy the Penguins after reaching a stalement with the NHL over last-minute demands by the league.
Those demands included a promise to keep the team in Pittsburgh under any circumstance and give the NHL the right to take control of the Penguins.
Balsillie, 45, chairman and co-CEO of a company that makes BlackBerry wireless devices, offered $175 million for the Penguins Oct. 4. He has said a new arena is required if the team is to remain in Pittsburgh.