TORONTO Canadian businessman Jim Balsillie has withdrawn his offer to buy the Pittsburgh Penguins, the NHL team confirmed on Friday.
Balsillie had reached an agreement in October to buy the club from the current owners, including former Penguins great Mario Lemieux, for about $175 million.
But Balsillie, whose company makes the popular BlackBerry wireless messaging device, issued a notice of termination to the club on Friday.
"We were hopeful that this was going to come to a conclusion any day," Pittsburgh CEO Ken Sawyer said during a news conference.
"All we know is that he and the league couldn't come to an agreement and he chose to give us a notice."
Balsillie's bid centered on the arena being built in the city and he had vowed to keep the team in Pittsburgh if it was built. There was no specific reason given by the league for the termination of his offer.