It will be at least one more day before Hamilton finds out if Jim Balsillie will be successful in winning the city an NHL team.

A U.S. bankruptcy hearing adjourned Wednesday without making a decision on whether Balsillie could take part in an auction to buy the struggling Phoenix Coyotes franchise.

In court, both sides told different stories on why the BlackBerry billionaire was rejected as a potential NHL owner.

The NHL told the U.S. bankruptcy court deciding the fate of the Phoenix Coyotes that it Balsillie solely because of his dealings with the league.

"This decision by the board (of governors) is unassailable," NHL lawyer Shepard Goldfein said.

But Balsillie's lawyer fired back, saying the reason the NHL doesn't want the BlackBerry billionaire as an owner is the league is worried about a potential lawsuit from the Toronto Maple Leafs should the Coyotes move to Hamilton.

"God knows what they will sue for," lawyer Jeff Kessler. "And the league does not want that battle."

Both Balsillie and NHL commissioner Gary Bettman were in court awaiting the decision of U.S. Bankruptcy Court Judge Redfield T. Baum.

Baum said in court he would be "very reluctant" to prevent anyone who wants to bid on the struggling franchise from bidding.

He also rejected a request from one of Balsillie's lawyers to put Balsillie on the stand. The judge said then he would have to interview all the parties involved.

Balsillie's bid is currently blocked from consideration at a Sept. 10 auction because the NHL has rejected his bid -- and by extension, his participation in the team auction.

The NHL argued in court Wednesday afternoon that the team could not be moved in time for the 2009-2010 season.

Goldfein argued the Coyotes need to stay put for the sake of financial stability and so other teams will know what their schedules will be.

Balsillie offered to allow the team to stay in Phoenix for this year, but the NHL shot that down.

Balsillie still top bidder

The Research In Motion co-founder has previously failed in his bids to purchase the Stanley Cup-winning Pittsburgh Penguins and the Nashville Predators.

His $212.5 million offer, which is contingent on moving the team to Hamilton, is up against offers from two other prominent and potential buyers who are vying for control of the Coyotes.

The first is the NHL's own bid of $140 million would keep the team in Phoenix for the time being. If successful, however, the league intends to sell the Coyotes to a third party.

The NHL sweetened its offer Wednesday, saying it would give any profits of its sale of the team to the creditors of the Coyotes.

The other party is a group of American and Canadian businessmen who want the team to play five games in Saskatoon. The Ice Edge Holdings LLC offer is not good unless they can come to an agreement with the city of Glendale, where the Coyotes play.

The Canadian CEO of Ice Edge Holdings, Anthony LeBlanc, has said his company will offer up to $150 million for the Coyotes.

Howard Bloom, the publisher of sportsbusinessnews.com, said the Ice Edge bid has become stronger this week by striking a deal with SOF Investments -- a company that once lent the Coyotes $80 million to keep the team in Phoenix.

The investment company "worked out a plan with Ice Edge to get their money back and they are the largest creditor," he told CTV News Channel on Wednesday morning.

Ice Edge Holding has also booked five dates in Saskatoon, so that the Coyotes can play there if the company's bid is successful, said Bloom.

"So a bid that most people considered dead or weren't taking seriously, all of a sudden looks to be very alive and well within the possibility of being accepted by the judge," Bloom said.

Balsillie may take the NHL to court in an antitrust suit if his bid is rejected by the Arizona judge today.

Penn State professor and sports law expert Stephen Ross said such a lawsuit could take years to litigate and could cost upwards of $10 million in legal fees.

With files from The Canadian Press and The Associated Press