Jim Ballsillie has been trying to buy the Phoenix Coyotes for some time now. Even though he has given the highest offer for the team, the NHL doesn't want him to buy it, voting him down 26-0. Why? Because he might move it to Hamilton, Ontario.
Even though this is likely a move that would make the Coyotes franchise profitable, it would be geographically close to two other NHL cities (Toronto and Buffalo). In addition, having an NHL team leave the Phoenix area for Hamilton would likely hurt future media rights negotiations. So while it's profitable for the individual franchise, it's not profitable for the league. His purchase offer, despite being the highest offer, was voted down by league owners 26-0.
But the official reason given by the NHL for Ballsillie's denial for admission into the NHL club is that he has questionable character. Matt Nestor:
The NHL owners are obviously good judges of character. Some that have been approved:
P William “Boots” Del Biaggio (Nashville Predators), now headed to jail on fraud charges.
P Henry Samueli (Anaheim Ducks), now awaiting sentencing on SEC violations.
P John Rigas (Buffalo Sabres), currently in jail on embezzlement charges.
P Sanjay Kumar (New York Islanders), now serving time for conspiracy.
P John Spano (Islanders), who deliberately misled the NHL and the Islanders about his net worth.
P Bruce McNall (Los Angeles Kings), who pleaded guilty to conspiracy and defrauding six banks of $236 million.
Why would you want a successful businessman to taint such a group?