Want to buy a piece of the Pittsburgh Penguins? It appears there's a chance to make an offer.
Reports began flying Wednesday that one of the co-owners, possibly NHL hero and Pens legend Mario Lemieux, is looking to cash in his equity in the franchise. Lemieux's partner is Ron Burkle.
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Interested? Bring cash: Forbes recently said the team was worth $565 million.
First rumblings of the news came from Canadian hockey scribe Bob McKenzie.
Pittsburgh Penguins potentially for sale. Details here: http://t.co/tx969HujjP #TSN
— Bob McKenzie (@TSNBobMcKenzie) June 3, 2015Penguins writer Dave Molinari was quick to follow.
Source confirms that Morgan Stanley has been retained to investigate possible sale of at least a share of Penguins.
— Dave Molinari (@MolinariPG) June 3, 2015Source, on Penguins' owners retaining Morgan Stanley: “It’s not like there’s a ‘For Sale’ sign out, but that’s a definite possibility."
— Dave Molinari (@MolinariPG) June 3, 2015Molinari's source says the co-owners could be looking to move part of their stake in the team while retaining a lesser chunk.
Source: The purpose of retaining Morgan Stanley is to see "what options are on the table."
— Dave Molinari (@MolinariPG) June 3, 2015Lemieux and Burkle rescued the Penguins from bankruptcy in 1998 and transformed the franchise into one of the NHL's premier destinations, winning a Stanley Cup in 2009.
The Post-Gazette source said there have been "inquiries of interest" regarding purchasing a share of the Penguins in recent years. More than 15 years after restoring the franchise, such offers would presumably present Lemieux, Burkle, or both, with an opportunity to turn a significant profit, having originally invested $20 million apiece.
Morgan Stanley is the firm the Buffalo Sabres used in 2010 to oversee their sale to Terry Pegula for $189 million.
Meanwhile, Canadian reporter Elliotte Friedman noted reports had been circulating about a possible Penguins sale. Friedman reached out to NBA Dallas Mavericks owner Mark Cuban, a billionaire born in Pittsburgh, to see if he was interested. He had been previously. Cuban's response? "No. I didn't have a family back then."
All this news popped just before NHL commissioner Gary Bettman was to begin his annual state of the NHL talk before Game 1 of the Stanley Cup Final.
Amazing that Gary Bettman doesn't want to say things about CTE that will be used against him in court.
— Jesse Spector (@jessespector) June 3, 2015Bettman told reporters in Tampa any announcement about a potential sale would come from the Penguins.
There were other rumors floating in the NHL-osphere as well, including one that two teams could possibly be preparing to relocate.
Allan Muir of Sports Illustrated quickly quelched that babble. Arizona Coyotes or Florida Panthers to Las Vegas or Seattle? Here's betting Bettman would never let the Coyotes run off, and Bettman has been talking up the Panthers.
Because, you know, it's always fun to panic when potential big news is breaking. #Penguins
— Shelly Anderson (@_ShellyAnderson) June 3, 2015Molinari also scotched fears the Penguins would be headed out of town. The team has a long-term lease at Consol Energy Center, its home since the start of the 2010-11 NHL season.