Buyer of Penguins Backs Out

[Newfie]

Looks like another deal for the Penguins has fallen through. Here's some of it from the Pittsburgh Post-Gazette.

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Canadian billionaire Jim Balsillie has withdrawn his offer to buy the Penguins after reaching a stalement with the NHL over last-minute demands by the league.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

 

[Ferris]

I hear he's also a little strapped for cash these days....his company's stock (Research In Motion) is only trading at $155 a share these days (up from $70-something in the summer when they first negotiated the deal)

 

[MGiuseffi1969]

I can offer Mario and the boys twelve 5,000 count boxes of base cards in exchange for the team. No, wait a minute. I take back my offer. I can't afford Sid's Crying Towel fees. Mike

 

[Magootz]

We also didn't think you could sit around and watch the KID blow by your boy in the scoring race but you seem like you are managing OK , never forget Mikey that the Rangers are only who they are right now because of ex Penguins

I can offer Mario and the boys twelve 5,000 count boxes of base cards in exchange for the team. No, wait a minute. I take back my offer. I can't afford Sid's Crying Towel fees. Mike

 

[PhilM]

I don't blame him one bit for backing out.
Some of the clauses were stupid.
I mean that team is a cash cow, and that city doesn't give a crap about the team.

Sure the fans may, at least when there's a star player to watch (god forbid they have more than 5 losing seasons in a row, nobody'll show up to the crappy arena)
But really, they have shown no support for a new rink, not even giving instant licensing for gambling to fund the **** thing, the city puts up huge cash for the Baseball and football stadium's, but when it comes to hockey, heeeeeeellllllllll no.

I wouldn't blame him for moving the team, and I certainly don't blame him for backing out after some of the stupid crap they put in.

"keep in pitts regardless'
who's going to agree to that?
"I don't care if you're losing a billion dollars annually, you keep that team there'
stupid.
should have simply said "if you get the funding to build a new rink, you stay for x # of years"

any move has to go through the commish office anyway, so why insert all kinds of stupid clauses