Jim Balsillie - Rejected!!! Photo: Cbc.ca
The bankrupt hockey team in the middle of the desert still has no owners. Renegade business man Jim Balsillie, he of Blackberry billions, is completely and officially out of the running after his bid was rejected, with prejudice. That means he is no longer eligible to bid in the process.
It's hardly a surprise, really ... Balsillie made little attempt to play by NHL rules, and the NHL made no secret of it's disdain for Balsillie, even resorting to quoting Meatloaf lyrics in open court as I recently reported. It's hard to imagine that they could have ended up being successful business partners, given the clear level of dislike between the two sides.
The judge didn't seem much more impressed with the NHL bid however, rejecting it, but without prejudice. That opens the door for the NHL to sweeten it's unprecedented bid in certain ways and try again, but for the time being, it leaves the team in the same state it has been since it filed for bankruptcy.
There's a question I haven't seen addressed anywhere yet ... what happens if no acceptable bid can be found? Is there a risk of liquidation (or, for the case of a hockey team in the desert, would that be "melting" instead?) at some point in the future if a viable bid isn't found? Is the NHL potentially under pressure of actually LOSING a team at the end of this?
I don't know the answer to that. I do know that the NHL is the only horse in the race at the moment, but even they can't seem to cross the finish line. Add to their woes that the long-time coach and co-owner of the team, Wayne Gretzky (who also owns a large chunk of the NHL record books from his playing days) walked away recently, leaving the team without the star attraction he brought.
It's hard to imagine how all this might have come to pass. After all, how hard can it be to run a hockey team in the middle of the desert? How hard can it be to sell a bankrupt hockey team in the middle of the desert that has never made a profit, during the worst recession in modern history? I'm guessing, at this point, Judge Baum is wishing a different case had come across his docket. I don't envy him his job, that's for damn sure.
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Theodora Adorna
Maureen J Andrade
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Comments
Unfortunately, this may actually work out well for Jimmy. RIM stock value diminishes with every passing second. If the bulk of Jimmy's billions are tied up in RIM stock, he may not have the money to sustain an NHL team, especially since he wants it be located close to home in the Kitchener/Waterloo area.
Ask not for whom the bell tolls, Jimmy.
What a ridiculous place for hockey. come on.
I listen to a lot of American sports radio. from Minneapolis, which has an NHL team.
Hockey does not seem to be one of the hot topics that they cover.
Still gooning it up in the NHL I see.
If and When the owners figure out that fighting is not what makes hockey (or any other team sport) good, maybe they will put an end to it.
Then, maybe Americans will start to like it a little better.
since when did being egotistical and narcisistic disqualify a person from being a pro sports team owner?
I thought it was a prerequisite.
However, the existing franchise owners have to agree to let you into their very exclusive club. You have to kiss ass with them, at least until your purchase has been completed. That is what Jimmy's massive ego prevented him from doing.
I think that he should try to buy a pro curling team, if such things even exist. True, it is one of the dullest sports on the planet and has zero glamour or prestige attached to it. However, I suspect that the bar to ownership would be so low that Jimmy could easily hop right over it.
(Meanwhile Jim Balsillie is "a narcisstic asshole"? Sounds like maybe you got fired, my friend. Maybe for lack of spelling ability.)
I'll say one thing for the NFL. The owners make sure they get a head guy who understands what the fans want to see, and does a good job of making sure they get it.