Rumor: Mario Lemieux Will Sell Pittsburgh Penguins Next Week

The Pittsburgh Business Times claims that a bid to buy the Pittsburgh Penguins is expected next week:

The identities of the bidders and size of the bid were not disclosed, although some who have done deals in the National Hockey League said the team could sell anywhere from $700 million to $850 million. 

Last fall, Forbes priced the Pens at $565 million, a price many believe is low given its equity in the real estate development at the former Civic Arena site. Given the short supply of NHL teams that are on the block and as financially stable as the Penguins franchise 

“This is unusual and it’s not like there are five teams for sale,” said a professional sports investor who asked not to be identified.

Owner Mario Lemieux reassured fans in Pittsburgh that he intends to stay in a role within the organization:

Our goal all along was to solidify the franchise both on and off the ice. Our star players are signed to long-term contracts and they’ve got a deep and passionate fan 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.

There has been talk of relocation but it is unlikely because the Penguins have 20 years left on their arena agreement with Console Energy Center. The Pitttsburgh Penguins rank among the NHL’s 10 most valuable teams.