RIM CEO Jim Balsillie signs purchase agreement for Pittsburgh Penguins

The head of Canada’s Research in Motion Ltd. (TSX:RIM), maker of the Blackberry, is believed to be spending US$175-million for the NHL club.

The sale still needs approval from the NHL board of governors before it becomes official.

That is expected to be completed this fall.

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Mario Lemieux, part of the current ownership group, says he hopes Balsillie will be able to get a new arena to help keep the team in Pittsburgh.

Balsillie says he thinks the team has a bright future in the city.