Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Businessweek Archives

RIM's Balsillie Loses Bid To Buy Bankrupt Hockey Team

Blackberry billionaire James Balsillie has lost his fight for control of the bankrupt Phoenix Coyotes hockey team, about which I wrote last month. An Arizona bankruptcy judge today rejected both of two competing bids for the team, one by Balsillie, co-CEO of Canadian wireless giant Research In Motion and one by the National Hockey League.

As Canada?? National Post reported today, the bankruptcy judge, Redfield T. Baum, said he rejected a $212.5 million bid by Balsillie?? PSE Sports to take control of the team and to move it to Hamilton, Ontario against the wishes of the league. Baum rejected Balsillie?? bid ??ith prejudice?saying that the interests of the league could not be adequately protected.

Baum also rejected a smaller $140 million bid by the NHL without prejudice saying that the league could “probably cure the defect in its bid.”

This is the third time that Balsillie, a avowed hockey fanatic, has sought to buy an NHL team. The first was the Pittsburgh Penguins in 2006, and the second was a move on the Nashville Predators in 2007. Balsillie walked away from both deals late in the process.

The decision effectively slams the door on any further hope that Balsillie had in winning the drawn-out legal fight for control of the team. But you can bet it’s not the last time he tries. As he told me in August: “It’s no secret that there are other financially troubled teams out there … And I’ve certainly been approached by other owners.”

blog comments powered by Disqus