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Balsillie ups Coyotes offer to $242.5M

Updated: September 8, 2009, 7:41 PM ET
Associated Press

PHOENIX -- Canadian billionaire James Balsillie has offered the city of Glendale $50 million to quiet its objections to his bid to buy the Phoenix Coyotes and move the franchise to Hamilton, Ontario.

Lawyers for Balsillie, co-CEO of the company that makes the Blackberry, filed an amended bid in U.S. Bankruptcy Court on Monday adding the offer to Glendale. Balsillie offered to buy the franchise for $212.5 million, contingent on moving it to Ontario.

The new bid would subtract $20 million ...

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