Jim Balsillie withdraws bid to buy Penguins

The Pens released a statement about the ownership situation, located here.

Basically, Balsillie is out. I can see this being for one or two reasons (or both):

1. He found out that he really can't move the team as easily as he thought he might be able to.
2. He found out that IOC will lose the casino license next week, and doesn't want to get caught in the nightmare of PA politics and / or spend the money to keep the team here, as he would be pressured to do under Plan B (where the B stands for Bad).

Either way, as long as the Pens get a new arena (preferably via IOC) and an owner who can and will spend money keeping this team intact, I don't care.