The 45-year old hockey fanatic and co-chief executive officer Ontario-based Research in Motion Ltd, Jim Balsillie has signed a purchase agreement to buy the Pittsburgh Penguins.As first reported Wednesday night, Mr. Balsillie is acquiring the Penguins for $175-million (U.S.) from a consortium of owners led by National Hockey League legend Mario Lemieux. He was in attendance in Pittsburgh for the home opener Wed. evening against the Philadelphia Flyers.

The remaining step for Balsillie is to get the approval from the NHL Board of Governors, a process expected to be completed this fall.

Rumours have swirled about Balsillie perhaps moving the team Hamilton, which is close to his home and RIM’s head office in Waterloo, Ont., but he indicated Thursday that he plans to keep the team in Pittsburgh, for now.

“Pittsburgh has shown itself to be an outstanding hockey market, and the team has an incredible tradition of success and fan support,” he said in a statement. “With young stars such as Sidney Crosby and Evgeni Malkin, we all know the Penguins have a very bright future on the ice. I look forward to owning this team for a long time in Pittsburgh.”

The NHL does not want the Penguins to move.  But if the new stadium does not materialize I think a move North is guaranteed.

Oil surges to new highs while the US jobless rate remains steady at 4.6%.

AMD warns second quarter profits will be less than forecasted because of weak chip sales.

According to published reports, Microsoft (MSFT) is getting close to the roll-out stage of its competitor to Apple’s iPod, which will be capable of downloading songs wirelessly, something that current iPod models don’t do.  The Microsoft device is said to be ready to reach retail shelves for the Chistmas season which is usually the highest selling potion of the year for the computer and electronics industries.

The DJIA is set to open at 11,090.67 Monday morning,  the Nasdaq is set to open at 2,130.06 and S&P 500 at 1,265.48.  the Canadian Market the TSX is set to open at 11,631.91.

Have a great and profitable week!