Game over for Thorsten Heins.
However, with the deadline now reached, the sale is off. Instead, BlackBerry says Fairfax and others will invest $1 billion into the struggling smartphone company and Fairfax will plough $250 million into the business.
Furthermore, BlackBerry CEO Thorsten Heins has been dumped and firmer Sybase boss John Chen has been appointed executive chair of BlackBerry's board of directors to drive the strategic direction and relationships of the company and act as interim CEO.
Barbara Stymiest, chair of BlackBerry’s board, said: "This financing provides an immediate cash injection on terms favorable to BlackBerry, enhancing our substantial cash position. Some of the most important customers in the world rely on BlackBerry and we are implementing the changes necessary to strengthen the company and ensure we remain a strong and innovative partner for their needs."
Chen, added: "BlackBerry is an iconic brand with enormous potential – but it’s going to take time, discipline and tough decisions to reclaim our success. I look forward to leading BlackBerry in its turnaround and business model transformation for the benefit of all of its constituencies, including its customers, shareholders and employees."