Penguins say Canadian billionaire Jim Balsillie has withdrawn bid to buy team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.

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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.

The purchase price was reported at some $175 million.