Mario Lemieux and Ron Burkle Seek Buyers for Pittsburgh Penguins

The Pittsburgh Penguins owners Mario Lemieux and Ron Burkle are looking to sell their franchise. The owners recently released this statement:

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. 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.

They hired Morgan Stanley, which is the same investment firm that advised Terry Pegula's purchase of the Buffalo Sabres. Lemieux and Burkle purchased the team out of bankruptcy in 1999. They are looking to make a huge profit with an asking price of $550 million.