The possibility of the Pittsburgh Penguins franchise being sold by owners Mario Lemieux and Ron Burkle hasn't been in the news long, but with an offer looming, the Pens could change hands in the near future.
Continue for updates.
Anonymous Bid for Penguins Expected Within Next Week
Tuesday, July 14
According to Patty Tascarella of the Pittsburgh Business Times, an unnamed group of investors is expected to submit a bid for the Penguins organization within the next week, and the team could sell for anywhere from $700 million to $850 million.
Lemieux and Burkle bought the team in 1999, saved it from bankruptcy and prevented it from potentially relocating. With the Penguins franchise now stronger than ever, the co-owners decided to hire Morgan Stanley financial services in order to facilitate a possible sale, per TSN's Bob McKenzie.
Mike Ozanian of Forbes.com doesn't see Lemieux and Burkle getting up to $700 million for the team, but he does believe that they could bring in four times their initial investment of $107 million. He also thinks the time is right to sell considering the Pens can ascend much higher.
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Read Full Article at Bleacher Report - NHL
Article written by Mike Chiari
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July 14th, 2015 by Mike Chiari Leave a reply »
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