Balsillie backs out of Penguins bid

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Breaking news – hot off the wire, if you will. Just thought I’d check in with the BlackBerry world over the weekend and this little news came right out and bit me on the nose. Contrary to reports, both our own and otherwise, it looks as though RIM co-CEO Jim Balsillie has withdrawn his bid to purchase the Pittsburgh Penguins.

…talks between Balsillie and the NHL, which must approve the purchase, broke down and Balsillie issued a notice of termination Friday, the team said.

“We were hopeful that this was going to come to a conclusion any day,” Penguins CEO Ken Sawyer said Friday night during a news conference at the arena. “All we know is that he and the league couldn’t come to an agreement and he chose to give us a notice. The price and the terms, there was no problem there.”

Well there’s $175 million that can be delegated elsewhere.