No Deposit for You, Mr. Balsillie
December 19th, 2006 Posted in M&A, Main Page, Wireless/Research in Motion
Hockey legend and Pittsburgh Penguins owner Mario Lemieux is “shocked and offended” that billionaire and RIM co-CEO Jim Balsillie pulled his $175-million bid last week to buy the NHL franchise. Mario’s so pissed he plans on keeping Balsillie’s $10-million deposit because the bid withdrawal constitutes a breach of contract. Wow, $10-million - that’s like 50,000 Blackberry Pearls or more than 400,000 times more than the $2.40 deposit I leave with Beer Store if I buy a 24 of my favourite suds.
December 19th, 2006 at 9:44 am
Jim won’t miss the $10 million. But the Penguins NEED him to come to their rescue. It would be simpler for the NHL and the Penguins to allow him to buy the team and move it to Hamilton.
December 19th, 2006 at 11:00 am
Simplier for whom? People of Hamilton I suppose. Not so simple or pleasing for the people of Pittsburgh and those that have supported the franchise through tough years. Shame on the NHL for last minute negotiations after the deal was done in spirit. One never knows what really happened or the nature and content of discussions in the negotiating process but this sure smells like heavy handed / bait and switch behaviour by the NHL.
December 19th, 2006 at 12:34 pm
Forget moving to Hamilton and Copps. The NHL does not want to go there and I don’t blame them. Balsillie was adamant to keep the Hamilton option open. The NHL is eyeing Kansas City to relocate the Pens. Makes better sense
December 19th, 2006 at 12:49 pm
If Pittsburgh isn’t working and the NHL doesnt want the Penguins to move to Canada, why would Balsille go through the aggravation of buying them - other than the pleasure in owning an NHL franchise?