PHOENIX - Canadian billionaire Jim Balsillie has offered the city of Glendale US$50 million to quiet its objections to his bid to buy the Phoenix Coyotes and move the franchise to Hamilton, while potential buyer Ice Age appears to have dropped out of the running for the ailing NHL franchise.
Lawyers for Balsillie, co-CEO of BlackBerry maker Research In Motion, filed an amended bid in U.S. Bankruptcy Court on Monday adding the offer to Glendale. Balsillie offered to buy the franchise for $212.5 million, contingent on moving it to southern Ontario.
The new bid would subtract $20 million from the original and combine it with another $30 million to pay the city. If Glendale accepts the offer, Balsillie's bid would stand at $242.5 million.
The NHL bid $140 million to buy the team and keep it in Arizona after its board of governors voted 26-0 with three abstentions against Balsillie as an owner.
Ice Edge, made up of Canadian and American businessmen, had said it would spend up to $150 million to buy the team, but NHL Commissioner Gary Bettman said in a court filing Tuesday that he was advised Ice Edge no longer intends to participate in Thursday's auction.
If Ice Edge does not submit a bid, the field of buyers would narrow to Balsillie and the NHL.
