Pens for Sale?

[thesteelcity]

http://www.thehockeynews.com/blog/report-lemieux-burkle-exploring-potential-sale-of-penguins/

According to a published report from TSN.ca, Pittsburgh Penguins owners Mario Lemieux and Ron Burkle have started an investigatory process in regard to the sale of some or all of the franchise.

Billionaire investor Burkle and Hall-of-Famer Lemieux, who purchased the team out of bankruptcy in 1999 for an estimated $107 million, have hired the financial services firm Morgan Stanley to explore a sale, according to the report. This wouldn’t be the first time Lemieux has sought either a new investor or a new owner outright for the Pens: in 2006, he agreed to sell the franchise to former Blackberry magnate Jim Balsillie before their pact disintegrated around rumors of relocation.

In 2007, Lemieux and Burkle decided to retain their ownership of the team and announced the Penguins would remain in town on a 30-year-lease to play in the current Consol Energy Center. A November, 2014 Forbes.com analysis pegged the Pens’ current value at $565 million.

UPDATE: The Penguins confirmed late Wednesday they had hired Morgan Stanley.

“We conduct periodic reviews of our business and, because we have received several inquiries about the franchise in recent years, we decided to engage Morgan Stanley for their insight and counsel,” Lemieux and Burkle said in a joint press release. “After buying the team out of bankruptcy, ensuring its long-term future in Pittsburgh and creating a strong foundation for continued success, we believe it is time to explore our options.”

Lemieux continued on to say he and Burkle do not intend to step away completely from the organization.

“Our goal all along was to solidify the franchise both on and off the ice,” Lemieux said. “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.”



anyone have $600M I could borrow? Anyone? Anyone?

 

[Spike]

hope the new owners don't move the team


I knew the meltdown from the The Despres Trade would be the straw that broke the camels back

Well at least Mario got a swell house to go back to

Pittsburgh Penguins owner Mario Lemieux recently took possession of a new $20-million home in Mont Tremblant, Quebec's high end ski resort town.
The 15,000 square feet sprawling, Swiss castle-style mansion about 145 km north of Montreal has 23 rooms as well as 10 bathrooms.

http://www.torontosun.com/2012/11/24/mario-lemieux-moves-into-20-million-mont-tremblant-home

 

[thesteelcity]

They can't move the team. The Pens have a signed lease in their new arena for 25 years or something like that.

 

[Rod Farva]

That would help explain Mario's seeming disinterest lately.

 

[Steel G]

They can't move the team. The Pens have a signed lease in their new arena for 25 years or something like that.

Yeah, I think there's like 22 years left on the lease or something like that. They can't go anywhere till then. Seems to me like Mario wants some cash now but more importantly, wants out on the big decisions. New ownership means a whole new regime, and after last season, that can't be all bad.

 

[Djfan]

They had better not screw this up

 

[thesteelcity]

Maybe fresh ownership eyes will be a good thing. Since 2009, the team has gotten stale and predictable. CHI is the poster club of the team the Pens should be, but are failing miserably.

 

[scstillerfan]

Oh how many years the talent on this team has been wasted. Maybe they can salvage something before the stars fade for good.

 

[Spike]

Lemieux was a reluctant owner when he bailed out the struggling organization back in 1999. That he’s maintained his stake this long is a bigger surprise than the news that he’s looking to cash out now.

And that’s really what this is about: Mario’s desire to take control of his finances and step back from a significant role as an owner. And the timing couldn’t be better. The Pens fill the building nightly and boast two of the game’s biggest draws. But both Crosby and Malkin are reaching the apex of their careers. When they begin their inevitable downward slide, so will the franchise.

Not that Lemieux will abandon ship. “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,” he said in a statement.

Good for him. And good for the Pens, who’ll stand to benefit from a new owner who is more interested in the day-to-day operations of the franchise than Mario has been of late.

http://www.si.com/nhl/2015/06/04/ch...tsburgh-penguins-sale-more-nhl-news-and-notes

 

[hook]

Maybe if this happens we can get a GM and HC that actually have a clue.

 

[thesteelcity]

reports coming out Geno not happy in Pittsburgh and wouldn't mind a trade. The Soap Opera continues. If true and they get some of the pieces they need, I wouldn't be so upset unloading him to better the team.

 

[Confluence]

It seems like one or both of Mario and Burkle might want a change of scenery. If this was known in the season, it would explain a lot of the disinterested behaviour from the top down.

 

[Ron Burgundy]

Lemieux was a reluctant owner when he bailed out the struggling organization back in 1999. That he’s maintained his stake this long is a bigger surprise than the news that he’s looking to cash out now.

And that’s really what this is about: Mario’s desire to take control of his finances and step back from a significant role as an owner. And the timing couldn’t be better. The Pens fill the building nightly and boast two of the game’s biggest draws. But both Crosby and Malkin are reaching the apex of their careers. When they begin their inevitable downward slide, so will the franchise.

That's what the word is on local sports radio. Mario wants to sell his share and they're gauging what the team is worth, and in fact Burkle may buy Mario out.

 

[deljzc]

I would have traded Geno 3 seasons ago.

 

[Rod Farva]

Hey Con........keep that dollar low will ya?

Although NHL deputy commissioner Bill Daly told Westhead the Canadian dollar would have little to do with the Penguins sale, that does seem to be a major factor. The Canadian dollar currently converts to 75 cents in the U.S., according to the Bank of Canada, but it may fall to as low as 65 cents by the end of next year, per Westhead.

http://bleacherreport.com/articles/...atest-news-and-rumors-on-potential-new-owners

edit; Most price tag estimates are around 750 million........NHL record.

 

[Spike]

Penguins' owners looking for record $750M for team

The owners of the Pittsburgh Penguins are asking $750 million (U.S.) for the team, but face long odds of finding a buyer who’s willing to pay that much because of the flagging North American economy and uncertainty over the future of the Canadian dollar, sports investment bankers say

Currency analysts with Bank of America Merrill Lynch said in August that the Canadian dollar could fall to 65 U.S. cents before the end of 2016.

NHL deputy commissioner Bill Daly rejected the idea that currency swings would impact the Penguins sale.

"Canadian dollar would not play into a transaction like this at all,” he wrote in an email.

The NHL’s Canadian national television revenue is worth $433 million (CAD) for each of the 30 NHL teams — roughly $14 million (CAD) per season. With a Canadian dollar that averages 90 cents U.S., that yearly income converts to about $13 million (U.S.). If the dollar is worth 75 cents U.S., the Canadian income converts instead to $10.7 million (U.S.).

Some bankers justify the steep price by pointing out other recent NHL team sales.

The Florida Panthers were sold for $160 million in 2013, Forbes magazine reported, while Carolina Hurricanes owner Peter Karmanos told TSN in an interview his team is worth $450 million. The NHL reportedly wants $500 million apiece for expansion teams.

“Franchise expansion fees usually act as the price floor for team values,” Dorweiler said. “But I don’t see that happening now. In this case, even if an expansion team is worth $500 million, I don’t think that means the Florida Panthers are worth that much, or even $300 million.”

http://www.tsn.ca/talent/sources-penguins-owners-looking-for-record-750m-for-team-1.354678

 

[Confluence]

Hey Con........keep that dollar low will ya?

The CAD exchange rate moves with oil. This implies that the government and its policies are useless, which is indeed accurate and scary.

 

[Spike]

Vacation in Canada?

Merrill Lynch said in August that the Canadian dollar could fall to 65 U.S. cents before the end of 2016.

 

[Spike]

and they get some of the pieces they need.

We've got all the pieces we need

Darren Dreger ✔ @DarrenDreger
Penguins are happy with Phil Kessel. Worked with @GaryRobertsHPT this summer. Lost 13 lbs.

 

[Spike]

The season is almost here!


Thurs, Oct 8 @ the Stars

Sat, Oct 10 @ Coyotes

Tues, Oct 12 Habs

 

[madinsomniac]

We've got all the pieces we need

Darren Dreger ✔ @DarrenDreger
Penguins are happy with Phil Kessel. Worked with @GaryRobertsHPT this summer. Lost 13 lbs.

3 bonifide superstar offensive players... you really do not often see that in a cap era....

 

[Spike]

Penguins to open camp with Phil Kessel alongside Sidney Crosby

General manager Jim Rutherford said the team plans to place the high-powered forward alongside star center Sidney Crosby when the Penguins open training camp

Rutherford hopes Kessel's arrival and the return of forward Pascal Dupuis and defenseman Olli Maatta from injuries that took up most of last season will allow Johnston to implement more of the attacking style that led the team to hire him in the first place last summer.

"We'll definitely be able to open it up," Rutherford said. "We'll have a better chance of scoring more. At the same time you have to play the game the right way. You have to shut down teams at a certain time and we're still going to be able to do that."

Rutherford added Fehr is on schedule to return at some point this fall from elbow surgery and that he is pleased with the arrival of the 25-year-old Plotnikov, who left Russia and headed across the globe and play with fellow countryman Malkin.

http://espn.go.com/nhl/story/_/id/1...open-camp-phil-kessel-alongside-sidney-crosby

--------------------

I'll be happy to see Olli back


Maatta (shoulder) says he's regained the weight and strength he lost while battling a shoulder injury, a case of the mumps, and a cancer diagnosis last season. "All I want to do is be ready Sept. 17 when training camp starts and show the Penguins I can be the same player -- and even better -- than I was before," Maatta said.

 

[Rod Farva]

Pray they stay healthy...............this team has been under a black cloud for too long.

 

[Steelr4evr]

Crossing my fingers!

 

[Spike]

It happened during the second period of the Penguins rookie tournament opener against Canadiens last week. Derrick Pouliot, in the rarest of moments, became angry and confronted a player. There were nasty words exchanged and a shove.

The 21-year-old defenseman is perhaps the most low-key of the Penguins, which made the incident, while not terribly violent, noteworthy.

Mike Johnston loved it.

While sitting in the Penguins’ suite during the game, Johnston took note of Pouliot’s behavior. Johnston couldn’t stop grinning as he recalled the incident 24 hours later.

“Someone must have really done something to make Pouliot mad,” Johnston said. “That was great.”

http://dkonpittsburghsports.com/