Research in Motion co-CEO Jim Balsillie has increased his bid for the Phoenix Coyotes to $242.5 million in an attempt to purchase the club and relocate them to Hamilton, Ontario, Canada. The new bid figure is an increase of $30 million, according to Reuters.

The increase includes $50 million to partially offset losses that the City of Glendale will receive as part of the Coyotes exiting their lease agreement to play in Jobing.com Arena, should the team relocate.

The National Hockey League is fighting to retain control of the franchise. The league’s Board of Governors voted 26-0 to reject Balsillie’s bid offers on the grounds that he "lacks good character and integrity." The Coyotes represent Balsillie's third effort to obtain a franchise and relocate them to Canada outside of the league's protocol. He has attempted to purchase the Pittsburgh Penguins and Nashville Predators, as well.

An auction is set for September 10 to bid on the franchise which has been drowning in losses. The NHL, and Ice Edge LLC are the other two bidders, both of which plan to keep the club in Glendale.

Balsillie’s bid is far and away the highest bid, but questions still remain. The $50 million figure is a fraction of the over $700 million buyout figure negotiated with the Coyotes with Glendale for leaving Jobing.com Arena. Balsillie’s bid also does not address any indemnification to the Toronto Maple Leafs and Buffalo Sabres who would be impacted financially should the Coyotes be relocated to Hamilton. The proximity of Hamilton to Toronto and Buffalo is expected to impact ticket sales, sponsorship, and television agreements.

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Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

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