The spectrum auction bid by U.S.-based M/C Venture and Columbia Capital and Quebec-based Novacap has been withdrawn due to foreign ownership restrictions and not enough Canadian money, M/C Venture’s Sal Tirabassi said Friday.

The wireless spectrum auction begins on Tuesday and is designed to bring more competition to Canada’s multibillion-dollar cellphone market.

A 105-megahertz band of spectrum is being auctioned off and Prime Minister Stephen Harper’s Conservative government has said proceeds from the auction will be used to pay down the national debt.

Posted: 05|25|08 at 9:13 am. Filed under: Auction News.