CHICAGO (AP) - The NHL Board of Governors has approved a bid by Jerry Reinsdorf to assume ownership of the financially troubled Phoenix Coyotes, and unanimously rejected an application by Canadian billionaire Jim Balsillie to buy the team.
The group heading by Reinsdorf, the owner of the Chicago White Sox and Chicago Bulls, was the only one of three applicants to gain the board's approval on Wednesday. That vote was unanimous, too, NHL commissioner Gary Bettman said.
An application by a third group, led by Anthony LeBlanc of Thunder Bay, Ontario, was deemed "incomplete," Bettman said. That consortium, however, was encouraged by the board to continue with the application process.