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MC Girl


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Penguins sold to Waterloo businessman... {:o)
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TSN.ca Staff with files


10/5/2006 12:02:30 AM


The Pittsburgh Penguins finally have a new owner, as an agreement is in place for the NHL team to be sold to Canadian businessman Jim Balsillie for $175 million.


Balsillie, the owner of Waterloo, Ontario-based Blackberry manufacturer Research In Motion, is expected to announce the purchase on Thursday.


When asked about the news at Wednesday's season opener between the Leafs and Senators in Toronto, Balsillie did not confirm nor deny the report, only saying, "Tomorrow."


Despite reports that he will move the team to Hamilton, the Peterborough, Ontario native is intent on keeping the team in Pittsburgh.


Other groups trying to buy the Penguins were Hartford businessman Sam Fingold and a group led by New York taxicab medallion financier Andrew Murstein, Dallas Mavericks owner Mark Cuban and former star quarterback Dan Marino. Fingold signed a letter of intent to buy the Penguins over the summer, but the deal fell through.


Penguins owner Mario Lemieux and his partners were approached by groups interested in purchasing the franchise back in January. Lemieux had said any new owners would be bound by an agreement to remain in Pittsburgh if a coalition assembled by the Penguins is awarded the license to run a slots parlor downtown.


A U.S. Bankruptcy Court approved Lemieux's reorganization plan to save the Penguins from bankruptcy in 1999. The Hall of Famer bought the team to help recover unfulfilled contractual payments by former Penguins owners and to keep the franchise in Pittsburgh, making him the first former player to become majority owner of his former team.


While it owned the team, the Lemieux group paid back in full all the money owed by the Penguins before they declared bankruptcy.


During Lemieux's time as owner, the Penguins reached the playoffs twice and Lemieux made a comeback in 2000 after having been retired for three seasons.



-- Edited by MC Girl at 06:37, 2006-10-05

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Fatherhab


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Geez Mc Gal, does that mean we may lose your allegiance to the Habs for an opportunity to be one of Crosby's biggest fans..... 

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MC Girl


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Fatherhab wrote:

Geez Mc Gal, does that mean we may lose your allegiance to the Habs for an opportunity to be one of Crosby's biggest fans..... 

lol.. Highly unlikely DaddyHab

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AB Habman


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 Looks like Mario will finally get paid. A top player before he retired and never recieved some of his deferred salery.

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Nil d


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AB Habman wrote:

 Looks like Mario will finally get paid. A top player before he retired and never recieved some of his deferred salery.


Plus free Blackberry service for life.




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habgirl


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What are your opinions? I doubt that the team will stay in Pittsburgh.....Winnipeg anyone?

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habscsi


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Good for the Pens, just when they needed some stability for a bunch of young up and comers but please Winnipeg(way too cold). I say Barry and NIL lets get on the horn and get em here in Halifax in a few years!!!!Crosby would love it!!

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Nil d


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habscsi wrote:

Good for the Pens, just when they needed some stability for a bunch of young up and comers but please Winnipeg(way too cold). I say Barry and NIL lets get on the horn and get em here in Halifax in a few years!!!!Crosby would love it!!


You would get no argument from me on that one.  They were already my second favourite team well before  Sid joined them (or even Mario for that matter); they would remain so.




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Johnny USA


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habgirl wrote:

What are your opinions? I doubt that the team will stay in Pittsburgh.....Winnipeg anyone?

I read that he agreed to keep the team in Pittsburgh.  That falls into the category of "I'll Believe It When I See It".

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