Nike is close to completing a deal for its hockey equipment arm to a buyer from outside the industry, people familiar with the bidding process say.

The steep price tag for the subsidiary, Nike Bauer Hockey, which is expected to be in the $250-million range (U.S.), drove off other hockey manufacturers. That left two undisclosed financial buyers at the table, one Canadian and the other American.

Two industry players, Easton-Bell Sports and Mission-Itech, left the room when the price climbed north of $200-million, an insider said.

"It was too rich for them," he said, noting that growth prospects remain weak, particularly in the tough U.S. market, and competition is fierce.

"The market would have said $140-million on the low side, and on the high side maybe $175-million tops."

Nike has apparently selected one of the investment bank bids, and the two sides are going through the normal financial and legal procedures before signing on the dotted line. A deal could be announced ......