Canadian billionaire Jim Balsillie has lost his bid to buy the Phoenix Coyotes NHL franchise, in yet another blow to southern Ontarians hoping for another team.

The league's executive committee met with Balsillie on Wednesday in Chicago to review his application to purchase the team for $212.5 million.

He had planned to move the Coyotes to Hamilton if he was successful. But the committee voted unanimously against him, souring his chances of buying the team.

"This had nothing whatsoever to do with the relocation issue. This was solely about the suitability of the ownership applications," NHL commissioner Gary Bettman told reporters.

"The criteria that's set forth in the constitution and bylaws relates to financial wherewithal, character, integrity, and the view as to whether or not the other owners would deem you to be a good partner," he added.

Another application led by Jerry Reinsdorf, the majority owner of the Chicago White Sox and the Chicago Bulls, was approved unanimously by committee members.

"We will so advise the Bankruptcy Court and we will move this process forward," read a statement.

The Coyotes' holding company entered Chapter 11 bankruptcy protection on May 5.

Reinsdorf has applied to buy the team for $148 million, and has said he plans to keep the Coyotes in Phoenix if his application wins.

Several applications have been submitted to buy the team. Another by the LeBlanc group "reported favorably" according to the committee.

Balsillie has so far applied to purchase the Pittsburgh Penguins and the Nashville Predators, as well as the Coyotes, in a determined campaign to move a second hockey team to Southern Ontario.

"Billionaires wanting their toys inevitably never give up," Howard Bloom, from, told CTV News Channel.

At least half of the Coyotes' creditors have "a vested interest" in keeping the team in Phoenix, Bloom said, which worked against Balsillie.

"It isn't a matter of if there's going to be another team in southern Ontario, it's a matter of when," Bloom said. "As for whether it's owned by Diamond Jim Balsillie -- that remains to be seen."

The Phoenix Coyotes, meanwhile, are to be auctioned off on Aug. 5. The auction is limited to bidders who will to keep the team in Arizona.