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 ... Read More
Report: Potential buyer expected to submit offer for Penguins
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 ... Read More
Lemieux, Pittsburgh have an unbreakable bond
This may be a bold statement, but I’m going to make it anyway. There is no organization in all of sports with the history and success of the Pittsburgh Penguins that owes it all to one man. Obviously, that man is Mario Lemieux. That’s why when the news breaking late on Wednesday that Lemieux, along with business partner Ron Burkle, was exploring the possibility of selling his stake in the team, sentiments were strong in the Steel City. It’s not that there is a fear of the team leaving, ... Read More
Pittsburgh Penguins’ Regime Change Will Give New Meaning To ‘Ice Bucket Challenge’
(Photo: Pittsburgh Penguins) As the #IceBucketChallenge summer rolls along, it reminds us that the Pittsburgh Penguins are about to experience a splash of frigid water to the face. Even though general manager Jim Rutherford and head coach Mike Johnston have been in place since June, the realities of the new regime probably haven't taken hold for most of the Penguins yet. That will change in a few weeks when training camp begins. For five years, the Penguins had the luxury of a consistent ... Read More