Group pursuing Penguins

[Madferret]

Group pursuing Penguins

Questions surround the future of the franchise in Pittsburgh even when there's no hockey being played.

Sportsnet.ca -- When there's a National Hockey League to return to, the Pittsburgh Penguins may have new ownership to guide the franchise into the new landscape.

Multiple sources tell Sportsnet a combined group from San Jose and Portland have tabled an offer to buy the team.

"It's the most serious offer so far," one source said in describing the bid. However, discusssions on how a deal would be structured are on-going and more is expected to surface over the next week to 10 days.

Mario Lemieux's involvement both as a player and team figurehead is considered crucial to any deal getting done. Essentially, if an arena deal can't be reached in Pittsburgh, then Lemieux would follow the franchise to wherever it relocates.

Many cities have been speculated as potential sites, including Las Vegas, Portland, Kansas City, and Sacramento.

http://www.sportsnet.ca/images/sportsnet_story_images/hockey/lemieux_conference240.jpg

Source (http://www.sportsnet.ca/hockey/article.jsp?content=20050602_183608_6180)

[Mel]

Many cities have been speculated as potential sites, including Las Vegas, Portland, Kansas City, and Sacramento.


Just what the league needs... a fourth franchise in California.... 90 miles from San Jose :rolleyes:

[TimmyTabasco]

Move them to Winnipeg

They have the fans, the new arena..and its a great hockey town

[KB in Kelowna]

Move them to Winnipeg

They have the fans, the new arena..and its a great hockey town

Unless the new CBA has complete equalized revenue sharing that isn't going to happen. Winnipeg does not have the corporate dollars to compete. Even if salaries are capped unless there are the additional revenue streams the team will be crying poverty in Winnipeg with in 5 seasons, no matter how rabid the fan support.

[Madferret]

West Coast group, led by Lemieux friend, eyes Pittsburgh Penguins

PITTSBURGH (AP) - A group of West Coast investors led by a friend of Mario Lemieux is set to become the majority owner of the Pittsburgh Penguins.

William (Boots) Del Biaggio, a San Jose, Calif., businessman and friend of the Pittsburgh player-owner, and other unidentified investors have negotiated a letter of intent to buy the team.

Lemieux, who has owned the team since it emerged from bankruptcy in 1999, would retain a smaller share of the Penguins.

"In buying any kind of professional sports franchise, it's a long way to go," said Del Biaggio, president and chief executive officer of Sand Hill Capital in Menlo Park, Calif.

"We are committed to Pittsburgh long term if we can pull this off," he said.

Penguins spokesman Tom McMillan declined to discuss Del Biaggio's group, but said Lemieux would remain a fixture with the team.

"Even if there is a substantial new investment in the team, Mario Lemieux will continue to be involved in all aspects of the operation," McMillan said.

Del Biaggio is one of Lemieux's co-owners of the Omaha Lancers of the U.S. Hockey League and also owns part of San Jose's American Hockey League affiliate, the Cleveland Barons.

I'd say Mario is at his wits end with the City of Pittsburgh.

[bluemeanie]

And the Lead would go to...?


Cuban eyeing Penguins
NBA owner interested in team
By Toronto Sun Sports

Dallas Mavericks owner Mark Cuban is interested in becoming a limited partner in a new ownership group trying to buy the NHL's Pittsburgh Penguins, according to a report.

"I have told several people who have contacted me that, although I wouldn't be the lead or largest investor, I would kick in some money if it would help," Cuban, a Pittsburgh native, told the Pittsburgh Post-Gazette.

Mario Lemieux tried to get Cuban to join his ownership team back in 1999 when the NHL Hall of Famer purchased the team after it went bankrupt. He eventually balked -- uncomfortable with how Lemieux's group was structured.

Cuban has also expressed interest in owning the Pittsburgh Pirates, who are not currently for sale.

Since purchasing the NBA Mavericks in 2000, the outspoken owner hasn't been far from the headlines, delivering controversial statements against the league and its officials and racking up more than $1 million in fines.