Co-CEO of RIM Jim Balsillie Makes Bid On NHL Phoenix Coyotes
Jim Balsillie, the co-CEO of RIM has made a bid to import the Phoenix Coyotes to Canada by making a bid on the team. He offered $212.5 million to the Coyotes yesterday after they filed for bankruptcy unexpectedly. The offer will only remain in place if the team moves to South Ontario. The current team owner Jerry Moyes is banned from having authority over the club.
The offer made by Balsillie consists of $80 million to SOF Investments, $35 million for the NHL, and $97.5 million to other creditors. Balsillie is also offering $17 million in debtor-in-possession financing. If anyone wants to outbid Balsillie, it must be $5 million higher and be fully funded at the closing of the deal.
In the past Balsillie has attempted to buy the Pittsburgh Penguins and the Nashville Predators.
[via Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry