NHL rejects Balsillie’s bid for the Coyotes

Jim Balsillie’s bid to become the owner of the Phoenix Coyotes was unanimously rejected by the National Hockey League’s board of governors on Wednesday. Instead, the NHL approved a bid by Jerry Reinsdorf, owner of the Chicago White Sox and Chicago Bulls. Balsillie had bid US$212.5 million–significantly more than Reinsdorf, who pledged US$148 million. But unlike Balsillie, who dreamed of moving the team to Southern Ontario, Reinsdorf is likely to keep the team in Phoenix, at least for a while.

ESPN