Sale Of Penguins Does Not Mean They'll Leave Pittsburgh
PITTSBURGH (KDKA) – The Penguins franchise is deeply rooted in Pittsburgh, but the ownership of the team could soon be changing.
The Penguins said in a statement there have been multiple offers to join the ownership group over the last several years.
As a result, owners Ron Burkle and Mario Lemieux have retained Morgan Stanley to explore the possibility of adding more investors and cashing out some of their equity.
They have owned the franchise for 16 years and pulled the club out of bankruptcy.
According to Forbes, the Penguins franchise is valued on close to $600 million.
Lemieux's the man who saved Penguins hockey with his stick and later his business and political savvy.
"I think he's done great things, both for the city and for the team," said Dana Garcia of Peters Township.
So the thought of him stepping away from principal ownership.
"I think that's terrible, I think he should absolutely keep it in Pittsburgh," said Kim Celento of Pittsburgh.
But they can't leave, there's an agreement.
In fact, that agreement is part of what makes the team so valuable: 24-and-a-half more years at CONSOL and the team's biggest payers, Crosby, Malkin, Fleury and Letang are all signed for long-term deals.
But with Lemieux nearly 50 and his children growing up, many think he's just doing what's right for him.
"He's making a business decision for himself, and his family," said Josh Yohe of DK on Pittsburgh Sports. "But he's still going to be around."
In fact, in a statement from the Pens, Lemieux indicates he plans to retain an ownership stake and stay involved in the team.
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