RIM Co-CEO Jim Balsillie Makes Purchase Offer on Bankrupt Phoenix Coyotes

This isn’t the first kick at the cat for RIM Co-CEO Jim Balsillie. He’s tried to purchase and relocate an NHL franchise before. First the Pittsburgh Penguins, then the Nashville Predators… Now, word has come out earlier this evening that he’s put a purchase offer on the bankrupt Phoenix Coyotes (the franchise that was once my beloved Winnipeg Jets).

Balsillie has made an offer of $212.5 million US contingent on the team being relocated to Southern Ontario. On one side, things are looking good, as I really can’t see anyone wanting to step up and pay more than Balsillie’s offer to keep a franchise in Phoenix that has done nothing but lose millions upon millions of dollars. If I recall correctly (do correct me if I’m wrong), earlier tonight during the Canucks/Blackhawks broadcast the team at CBC reported that any new offers to be considered must beat Balsillie’s offer by $5 million. Yikes.

Still early days in this one, and there are still hurdles to jump. First, a bankruptcy judge has to accept the Chapter 11 filing and purchase plan. From there an auction will take place in which any other bidders will have the chance to outbid Mr. BlackBerry (NSDQ: RIMM) by a cool $5 mil. In which case, I might suspect Balsillie would be more than eager to up the ante.

More to come on this one. If an NHL team does in fact relocate to the Southern Ontario area, perhaps they’d be called… the… er… Storm?

[Via: CBC]