Thread: Pens Tidbits
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Old 12-15-2006, 06:00 PM   #542
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Default Re: Pens Tidbits

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Canadian billionaire Jim Balsillie has withdrawn his offer to buy the Penguins after reaching a stalement with the NHL over last-minute demands by the league.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.
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