Canadian billionaire Jim Balsillie has indicated to a U.S. Bankruptcy Court that he is willing to extend the closing date of his offer for the Phoenix Coyotes until the end of the year.

Howard Bloom, the publisher of SportsBusinessNews.com, said that Balsillie's group told Judge Redfield T. Baum on Wednesday that Balsillie would consider closing a deal after Dec. 31 -- opening up the possibility that another bidder could make a play for the struggling NHL franchise before then.

"First and foremost, the Balsillie group has announced that if their bid was successful, they would give the City of Glendale -- and for that matter, the National Hockey League -- until Dec. 31 to secure a buyer who would keep the team in Glendale for at least $140 million," Bloom told CTV News Channel just after 1 p.m. ET on Wednesday.

"And then they would walk away and the City of Glendale would at least reap US$25 million from the Balsillie bid. So, in other words, the Balsillie people are willing to close after Dec. 31 in the belief that no one is going to emerge to keep the team in Phoenix."

If Balsillie did extend the closing time for his offer until the end of December, it would mean that the team would not be moving to Hamilton this year.

Bloom heard the early details of Balsillie's proposal to the court when listening in to today's Phoenix hearing on a conference call.

It is unclear if Balsillie will be allowed to amend his bid at this point in the process, nearly two weeks after the court auction concluded.

Balsillie, the co-CEO of Research in Motion, has said from the start that he wanted to move the team to Ontario if his bid for the team was successful, as the Coyotes franchise has been losing $30 million annually for the last three years in the Phoenix market.

Wednesday's hearing was scheduled to allow the court to hear arguments on whether the NHL should be forced into mediation to determine some "key sales issues," including the parametres of a potential move of the team if it is sold to Balsillie.

Balsillie supports the idea, while the NHL opposes it.

Earlier Wednesday, Adam Proteau, a reporter for The Hockey News, said the hearing was yet another wrinkle in a case that is already famous for its litigious twists and turns.

"I think in this case, what Judge Redfield Baum in Arizona is showing is that he doesn't want to make a real precedent-setting decision here. He wants to try to get these two parties into mediation," he told CTV Newsnet during an interview from Toronto on Wednesday morning.

"He's tried it earlier in the case, he's trying it as a last-ditch attempt now, but if anybody knows the two parties here, I don't think the United Nations could help these two parties get together."

Baum has been tasked with deciding who will be successful in bidding for control of the NHL team, though he has yet to release a decision in the case. The auction sale process stopped accepting bidders earlier this month.

Balsillie, through his company PSE Sports & Entertainment, has offered a US$242.5 million bid, which could give the City of Glendale up to $50 million as compensation. But his offer is contingent on moving the team to Hamilton.

The NHL, on the other hand, has offered $140 million and intends to keep the team in Phoenix for the time being. In the long-term, the hockey league would like to sell the team outside of the auction process to a bidder who would like to keep the team in Arizona. If that's not possible, the NHL would look at possible relocation.

Coyotes owner Moyes has backed Balsillie's bid, while the City of Glendale and several of the hockey team's major creditors have sided with the NHL.

Baum is due to announce a decision in the case, though there is no timetable on when exactly that will happen.

"I think he's said he's not going to be rushed," Proteau told CTV News Channel. "I think the initial inclination was to make some type of decision this week, although with these latest filings and mediation, who knows? It could drag on longer, it wouldn't be the first time."

With files from The Associated Press and The Canadian Press