The Pittsburgh Penguins have given fans with good news on a day already expected to fill the city with pride and excitement: team spokesman Tom McMillan confirmed Thursday that the Penguins are no longer for sale.
For over a year now, the team’s owners, Ron Burkle and Mario Lemieux, have explored the option of selling all or part of the team. This was done after they hired Morgan Stanley to review and assess the strategic options.
While the team has been valued at $700 million, there are no reports of any interested buyers and it never appeared that the team was on the brink of being sold.
That $700 million price tag is a big bump from not too long ago in 2006, when the team was in bankruptcy and was nearly sold back.
While two Stanley Cups have certainly helped the value of this Pittsburgh franchise rise, the team has experienced significant growth since drafting its three core players: Marc-Andre Fleury, Evgeni Malkin and, of course, Sidney Crosby.
The news today ensures that there will be no controversy — at least any time soon — on new ownership. For now, the Penguins can continue to focus on bringing their proud city a fifth Stanley Cup.
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