Balsillie agrees to buy NHL's Penguins

Oct. 5, 2006 at 4:02 PM
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PITTSBURGH, Oct. 5 (UPI) -- Canadian business executive Jim Balsillie has agreed to buy the Pittsburgh Penguins of the National Hockey League, the club announced Thursday.

The next step is approval by the NHL Board of Governors, expected this fall. Reports say the sale price is believed to be about $175 million.

"I love the game of hockey and I am very excited to sign this agreement to purchase the Pittsburgh Penguins and become a part of the National Hockey League," said Balsillie, chairman and co-chief executive officer of Research in Motion, distributor of the BlackBerry wireless communication devices.

Balsillie, 45, earned a bachelor's of commerce degree from the University of Toronto and a master's in business administration from Harvard. He had several executive positions before joining RIM in 1992.

He and business partner Mike Lazaridis were recently named Canada's CEOs of the Year.

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