Pittsburgh Penguins Sale: Latest News, Rumors, Speculation on Potential Owners

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.

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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.

While it looks as though a sale could be imminent, Lemieux expressed a desire to remain involved with the Penguins in a partial ownership capacity moving forward, according to a statement (via McKenzie):

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Our goal all along was to solidify the franchise both on and off the ice. Our star players are signed to long-term contracts, they've got a deep and passionate base to support them, and I believe the Penguins are well-positioned for the future. Regardless of what happens, I plan on staying involved with the team in some capacity, and Ron and I plan to retain an ownership stake.

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Lemieux is one of the greatest players in NHL history, and while he was already beloved by Penguins fans before buying the team, his efforts to keep it in Pittsburgh cemented his status as an icon.

While his tenure as an owner has ushered in great success, including the drafting of Sidney Crosby and Evgeni Malkin, as well as a Stanley Cup win in 2009, there is little doubt that exploring a sale is a smart business decision on his part.

Nothing is set in stone, and any sale would have to be approved by the NHL, but one can only assume that Lemieux and Burkle won't agree to a bid unless it results in the Penguins being handed over to capable owners that have the franchise's best interests in mind.

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