Bob McKenzie of TSN is reporting that Penguins ownership has hired Morgan Stanley to look into a possible sale of some or all of the team.
Pittsburgh Penguins potentially for sale. Details here: http://t.co/tx969HujjP #TSN
— Bob McKenzie (@TSNBobMcKenzie) June 3, 2015
Dave Molinari of the Pittsburgh Post-Gazette reports that Penguins owners Mario Lemieux and Ron Burkle are interested in keeping some stake in the team and that the hiring of Morgan Stanley doesn’t mean they are going to sell the team immediately.
Source: Lemieux and Burkle “both are interested in keeping some stake” in the franchise, even if they sell controlling interest.
— Dave Molinari (@MolinariPG) June 3, 2015
Source: The purpose of retaining Morgan Stanley is to see “what options are on the table.”
— Dave Molinari (@MolinariPG) June 3, 2015
Molinari also reports that ownership had “inquiries of interest” in the past years.
While Morgan Stanley has been brought on to work a deal with possible suitors, it is not set in stone that the team will be sold.
Lemieux and Burkle bought the team out of bankruptcy in September of 1999 allowing the team to remain in Pittsburgh. The group also worked a deal with the city of Pittsburgh to build Consol Energy Center ensuring the franchise would stay in the city for years to come.
Stay with PSN as this story develops.
(Photo Credit: Getty Images)
