Jim Balsillie's application for ownership of the NHL's Phoenix Coyotes has been unanimously rejected. The NHL deputy commissioner stated in an email that Balsillie's application was rejected under bylaw 35 of the league's constitution. The section states the league may reject potential owners if they are not of "good character and integrity" and also for financial reasons. Balsillie had originally bid to buy the bankrupt Coyotes for $212.5 million and move them to Canada. The NHL states it had nothing to do with the relocation issue, although they have said in the past they want the team to stay put in Arizona. Bill Walker, Balsillie's spokesman, stated:

"We're moving full steam ahead. We don't believe that Jim Balsillie's qualification to be an NHL owner is an issue at all." 

So is Jim's pursuit of an NHL team over for good? My vote is no, but only time will tell.