A group of investors is expected to make on offer to buy the Pittsburgh Penguins within the week, according to a report by Patty Tascarella of the Pittsburgh Business Times.
The report cited a sale price between $700 and $850 million. In 2014, Forbes Magazine valued the Penguins at $565 million.
Sale prices of sports franchises have grown exponentially over the past few years. The Los Angeles Dodgers sold for $2 billion in 2012. The New Jersey Devils were sold for $320 million in 2013.
The Penguins went public with their plans for current owners Mario Lemieux and Ron Burkle to sell all or part of their shares of the team on June 3.
The Penguins have hired investment firm Morgan Stanley to oversee the sale of the club.
According to a statement released by the team in June, Lemieux, Burkle and the Penguins will have no further comment until the process is completed.
Lemieux and Burkle have owned the Penguins since purchasing them from bankruptcy court in 1999. Lemieux is a Penguins legend on and off the ice, and is widely considered to be one of the most talented hockey players of all time. Burkle is a Californian investor, who got his start in supermarkets.
The Penguins lease at Consol Energy Center runs through 2037.
Photo credit: Fox Sports
