Balsillie withdraws bid

Jim Balsillie, co-chief executive officer of Canada's Research in Motion Ltd., has withdrawn his...

Jim Balsillie, co-chief executive officer of Canada's Research in Motion Ltd., has withdrawn his bid to purchase the Pittsburgh Penguins

, Last Updated: 7:51 PM ET

PITTSBURGH (CP) -- The Pittsburgh Penguins say Canadian billionaire Jim Balsillie has withdrawn his offer to buy the NHL team.

Penguins owner Mario Lemieux says the team will re-evaluate its situation after a decision is made on the Pittsburgh gaming licence.

Isle of Capri Casinos Inc. has promised to build a US$290-million arena to replace 45-year-old Mellon Arena -- at no cost to taxpayers or the team -- if it's awarded the licence.

Balsillie is co-chief executive officer of Canada's Research In Motion Ltd (TSX:RIM). He signed an agreement to buy the team in October.


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