Penguins up for sale - Could Cuban finally get his team?
This is something that has just broken but it would appear that the Pittsburgh Penguins are up for sale. Mario Lemieux and Ron Burkle are said to be looking to sell "all or some of the Penguins". The last time the Penguins were up for sale Mario stepped in to prevent relocation to Kansas City. Hopefully it won't come to relocation issues again.
Mario took over the team back in 1999 after becoming the largest creditor at the club with $32.5m of deferred salaries owed to him. He set aside $20m of this for a controlling stake and set about restructuring the club financial to prevent it being relocated.
The team came were rumoured to be sold in 2005 to a group of investors mainly fronted by Pittsburgh born and bred billionaire and owner of the Dallas Mavericks, Mark Cuban. Despite some early discussions and rumours a deal was done it never materialised and Lemieux and Burkle stayed in joint ownership. Although, once most debts were paid Lemieux took a step back.
The news of the Penguins being up for sale could go any way. If they're able to sell it to someone like Cuban who will want to keep the team in Pittsburgh then it would be fine. It could even bring some new investment to hockey in the area. Cuban is worth more than Burkle. There should be no worry for relocation though as Pittsburgh has a 20 year lease.
Hopefully if it sold it goes quickly and things can continue as they are.
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