When $1,800,000,000 businessman Jim Balsillie was rejected ownership of NHL teams on all three attempts

Billionaire businessman Jim Balsillie always had a desire to own an NHL team. Despite being armed with a net worth of $1.8 billion as of 2011 according to Forbes, Balsillie's attempt to become an NHL owner was rejected three times.

Balsillie's first venture into NHL ownership was with the Pittsburgh Penguins. In December 2006, Balsillie signed a purchase agreement to buy the Penguins and waited for approval from the NHL Board of Governors. Although the NHL accepted his proposal, Balsillie unexpectedly withdrew his $175 million bid to purchase the Penguins.

The decision was prompted by a notice from NHL Commissioner Gary Bettman. A stalemate arose between Balsillie and the NHL over terms in the consent agreement, particularly concerning the NHL's intention to negotiate the arena deal on Balsillie's behalf and the demand for the right to take over the team if necessary. These terms were not acceptable to Balsillie, leading to the collapse of the deal.

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Second attempt: Nashville Predators

Balsillie's interest in the Nashville Predators was equally marked by twists and turns. In May 2007, he entered into a letter of agreement to buy the Predators for $220 million, with the then-owner Craig Leipold agreeing to sell the team after significant financial losses.

Balsillie even began the process of moving the team to Hamilton, Ontario, and negotiated with Hamilton's Copps Coliseum as a potential home for the team. However, the NHL rejected the sale due to Balsillie's intent to relocate the team, deeming his actions "premature." Despite Balsillie's multiple attempts to purchase the Predators, his offers were repeatedly met with rejection.

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The final attempt by Jim Balsillie: Phoenix Coyotes

Balsillie's most high-profile endeavor was his attempt to purchase the Phoenix Coyotes in 2009. The team was mired in bankruptcy, and Balsillie saw an opportunity to buy and relocate the team to Hamilton. He imposed a deadline of June 29 to complete the sale.

However, his efforts were again met with rejection, this time from Arizona bankruptcy judge Redfield T. Baum. Baum cited time constraints as a primary reason for denying Balsillie's bid. The judge highlighted that there wasn't sufficient time to address all the issues involved.

Jim Balsillie's saga of attempting to purchase NHL teams shows the complexities of sports franchise ownership.