Just so that hockey fans have a sense of what the local team is worth to its new owner:
Jim Balsillie is paying about $175 million to buy the Pittsburgh Penguins.
Last March, Balisllie's company, Research in Motion, paid over $600 million to settle a patent infringement lawsuit that threatened to disrupt service to users of the BlackBerry.
The Penguins have a grand history and some great young players. At $175 million, they may be a bargain. But Jim Balsillie is the toast of Waterloo, and there shouldn't be any doubt about where the man's priorities lie.
2 comments:
The 170 mil is his, and the 600 mil is the company's. The company's priorities are to stay in business and make more money. He's buying the 'Guins because he loves hockey and his accountant loves a slush fund.
And I thought I was cynical about this deal!
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