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Old 07-26-2006, 01:26 PM   #61
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Default Re: Penguins Reject Cuban/Marino Group

Mario wants to keep team in burgh. "Lofty goal, Herb...."

http://sports.espn.go.com/nhl/news/s...e=NHLHeadlines
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Old 07-26-2006, 01:37 PM   #62
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Default Re: Penguins Reject Cuban/Marino Group

Spin spin spin
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Old 07-26-2006, 01:47 PM   #63
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Default Re: Penguins Reject Cuban/Marino Group

Quote:
Originally Posted by cbalke
Mario wants to keep team in burgh. "Lofty goal, Herb...."

http://sports.espn.go.com/nhl/news/s...e=NHLHeadlines
Good article and nice find. He has given me no reason to not believe what he has to say. It's not as if he didn't save this team on two different other occasions in the past. I'm taking the "wait and see" approach instead of jumping to the conclusion that Lemieux (who made hockey in this city) is the anti-Christ of Pittsburgh sports.

Although it's amusing and pathetic at the same time watching this guy take more heat than Kevin McClatchy and the Nuttings put together.
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Old 07-26-2006, 05:16 PM   #64
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Default Re: Penguins Reject Cuban/Marino Group

hehehehe - good point. it's hard to stay positive about it when folks are pretty actively looking to move the team for their own interests, though, you know?

i HOPE they stay.

i really hope lemieux can work something out with the new buyer to require them to stay. that would work for me.... :)
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Old 07-26-2006, 05:32 PM   #65
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Default Re: Penguins Reject Cuban/Marino Group

NHL Notebook: Penguins' Malone wins in arbitration
Thursday, July 27, 2006

From local and wire dispatches

Penguins forward Ryan Malone was awarded a two-year, $2.75 million contract through arbitration, according to general manager Ray Shero.

Malone, 26, had 22 goals and 22 assists, 63 penalty minutes and was a minus-22 in 77 games last season, when he made $750,000. That's one assist better and four games fewer than in his rookie season of 2003-04.

His five short-handed goals last season led the team and put him third in the NHL.

Malone has spent most of his career at left wing but was moved to center late last season.

After the season, Malone had four points for Team USA at the world championships and was named one of the top three American players.

Malone, who grew up in Upper St. Clair, was a fourth-round draft pick by the Penguins in 1999.
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Old 07-27-2006, 06:12 AM   #66
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Default Re: Penguins Reject Cuban/Marino Group

Three bidders still in running
Group with Cuban alive; price may go up
Thursday, July 27, 2006

By Shelly Anderson, Pittsburgh Post-Gazette



Although Hartford real estate developer Samuel Fingold still appears to be the front-runner, there are indications that the Penguins have given at least two other bidders a chance to get back into the race to buy the team.

At the end of last week, Fingold had the highest adjusted bid of around $175 million and seemed likely to sign a letter of intent early this week to begin exclusive negotiations.

Lawrence Gottesdiener, a developer who has extensive projects in Hartford, is believed to have matched or come close to Fingold's bid over the weekend.

Andrew Murstein, a New York businessman who garnered a lot of attention for lining up several local investors and promising to keep the Penguins in town, was left behind when his resubmitted bid was around $170 million.

Now he might have a chance to come up with something higher.

Penguins Hall of Famer Mario Lemieux, part-owner of the team, was at a golf tournament Tuesday and was asked about Murstein's group, which includes Dallas Mavericks owner Mark Cuban and Hall of Fame quarterback Dan Marino.

"I think they still are in the running," Lemieux told the Toronto Sun.

Lemieux's comment, coupled with the fact that there is no letter of intent yet, could be an indication that team owners want to see if they can coax the price higher.

Or it could be a sign that they want to try to enhance the team's chances of remaining in Pittsburgh.

"[Moving] is always possible, but I think the priority is keeping it where it is," Lemieux told the Sun.

Business sense dictates that pushing the sale price closer to $200 million and working to keep the team here could be counter purposes.

It's thought that the Penguins are worth a lot more as a portable team. Forbes, for instance, most recently estimated the team's worth at $137 million. Several people close to the sale process have said anything significantly higher might reflect a value associated with a team coveted by another city.

Or perhaps the higher price is just what the market will bear at this time, regardless of where the team ends up, partly because the NHL's year-old collective bargaining agreement gives its teams a more sound financial footing.

Although Murstein has pledged all along to keep the team here, Fingold and Gottesdiener have indicated they could work with local officials to make the club viable here.

Initially, Fingold expressed an interest in moving the Penguins to Kansas City and its new arena. Gottesdiener has talked with Hartford officials about building a new arena there and bringing in an NHL club.

Any new owner will be bound to an agreement with the Isle of Capri gaming company that could keep the team here. If Isle of Capri gets the city's slots license later this year, it has vowed to donate $290 toward a new arena.

If not, state and local officials have assembled an alternative arena funding plan that calls for money from the team, the winning slots casino bidder and the state through a slots-backed fund, but that "Plan B" has not been finalized.
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Old 07-27-2006, 10:51 AM   #67
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Default Re: Penguins Reject Cuban/Marino Group

Thanks for the info, 83. I sure hope they decide on something soon before I chew my nails off wondering if our beloved Pens are going to stay here in the Burgh past the upcoing season. There is a lot of excitement building already for the start of the season.
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Old 07-29-2006, 09:08 AM   #68
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Default Re: Penguins Reject Cuban/Marino Group

Fingold agrees to buy Penguins; Promises to keep team here if possible
Saturday, July 29, 2006

By Shelly Anderson, Pittsburgh Post-Gazette



Connecticut real estate developer Sam Fingold won the bidding contest for the Penguins, and it looks as if he'll do his best to win over the team's fans, too.

Mr. Fingold, leading a group of four active bidders, has signed a letter of intent to buy the hockey club, the Penguins announced last night. It's believed his winning bid was at least $175 million.

As recently as late June, Mr. Fingold expressed concerns over the city's ability to build a new arena and said he would keep open the option of moving the Penguins to Kansas City, which has a new arena.

He later softened that stance and now seems committed to try to keep the club in Pittsburgh.

"As passionate hockey fans, we are excited about this opportunity to purchase the Pittsburgh Penguins," Mr. Fingold said in a Penguins' news release. "We agree with the current ownership group that the Penguins should remain in Pittsburgh and that a new arena is crucial to the team's long-term success.

"So many of the elements for success already are in place here, including a loyal fan base and a spectacular core of young talent, led by Sidney Crosby. The Penguins are an important part of Pittsburgh's sports landscape, and it is our objective to do everything possible to secure their future here."

The letter of intent signed by the Fingold group gives it exclusive negotiating rights to reach a purchase agreement with the Penguins owners, most likely for 30 days. The next step would be NHL approval.

The Penguins team is owned by the Lemieux Group Limited Partnership. Hall of Famer Mario Lemieux and California billionaire Ron Burkle are the two known members of the group.

If plans for a new facility to replace outdated Mellon Arena don't materialize -- whether through the team's agreement with the gaming company Isle of Capri or under state and local officials' Plan B -- there is no doubt Kansas City will be waiting and willing to welcome the team.

According to the Kansas City Star, Mr. Fingold has maintained regular contact with Paul McGannon, president of NHL21, the Kansas City group trying to bring an NHL team to that city's new Sprint Center.

"The next 30 days will determine if Pittsburgh is able to come up with financial models and scenarios to stay in Pittsburgh," Mr. McGannon told the Star for a story appearing today.

"That's the first choice of the league and the current ownership group. But if for whatever reason that does not work out politically or casino-wise or otherwise, what are the other options? Fingold looks at us favorably as an option."

If Isle of Capri gets the slots license for Pittsburgh, it has agreed to donate $290 million toward construction of a new arena.

If one of the other two gaming companies in the running for the slots license prevails later this year, there is a plan for that company to contribute $7.5 million a year for 30 years, the Penguins $8.5 million up front and $4.1 million per year, and the state $7 million a year through a slots-backed fund, all toward the new facility. There also is $26.5 million in state funds for land acquisition and site preparation in Uptown, adjacent to Mellon Arena.

But many aspects of Plan B still will need to be negotiated and finalized if the Isle of Capri situation doesn't materialize.

The Penguins' lease at Mellon Arena expires in June.

"Pittsburgh has a great NHL market of 39 years, two Stanley Cups," Mr. McGannon said. "These are prized commodities, these teams. They are going to do everything they can to keep it, which we totally understand.

"Our job at NHL21 is front and center. We are a viable option. The league is well aware of our desires. We just have to wait and see how all this plays out."

Allegheny County Chief Executive Dan Onorato is not waiting around. He said he got Mr. Fingold's phone number from Penguins CEO Ken Sawyer last night and was hoping for a call back from the prospective team owner.

"We're prepared to sit down with the new owner and discuss a long-term lease at a new multipurpose facility," Mr. Onorato said.

"We have two different plans to get a new facility. I can't worry or speculate on what other cities will do. I just want [Fingold] to know we're prepared to negotiate."

Asked what he thought the chances are that the Penguins will remain, Mr. Onorato said: "I'm not into giving odds, but we now have financing in place for a new facility on the timeline the Penguins need. We hope to start construction in '07 and finish in '09.

"I believe our chances are good."

Under NHL bylaws concerning relocation of franchises, if there is an issue that would make a team viable in its current city -- such as a new arena -- and there is an ongoing plan to rectify that issue, the league likely will block a move.

Mr. Fingold, 34, is the principal of Kenyon Investments, a commercial real estate firm in Hartford, Conn. Mr. Fingold's partners are his father, David, and brother, Michael, who are real estate developers in the family's hometown of Toronto, and Michael Cohl, founder and chief executive officer of Concert Productions International.

"Sam and his family have a tremendous background in business and investments, and, just as importantly, they have hockey in their blood. We look forward to working with them to complete the purchase agreement, and to achieve their goal of keeping the Penguins in Pittsburgh for the long term," Mr. Sawyer said.
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Old 07-29-2006, 10:07 AM   #69
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Default Re: Penguins Reject Cuban/Marino Group

Under NHL bylaws concerning relocation of franchises, if there is an issue that would make a team viable in its current city -- such as a new arena -- and there is an ongoing plan to rectify that issue, the league likely will block a move.

Translation: Kansas City shouldn't hold their breath.
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Old 07-29-2006, 12:55 PM   #70
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Default Re: Penguins Reject Cuban/Marino Group

Sounds about right to me Jeremy. No need to move this team out of the Burgh.
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