The head of Canada's Research in Motion Ltd. (TSX:RIM), maker of the Blackberry, is believed to be spending US$175-million for the NHL club.
The sale still needs approval from the NHL board of governors before it becomes official.
That is expected to be completed this fall.
Mario Lemieux, part of the current ownership group, says he hopes Balsillie will be able to get a new arena to help keep the team in Pittsburgh.
Balsillie says he thinks the team has a bright future in the city.