Pittsburgh Penguins bid could come next week
The Pittsburgh Penguins sale could be progressing as early as next week.
Back in late 2014, Forbes Magazine ranked Pittsburgh as the 10th most valuable franchise with a worth of $565 million.
The Pittsburgh Business Times is reporting that the bid could come next week and may be in the range of $700-$850 million. Clearly eclipsing the Forbes estimate.
More from the PBT:
Team owners Mario Lemieux and Ron Burkle announced June 3 that they had retained investment banking firm Morgan Stanley to oversee a review of strategic options that included each selling a portion of their stakes in the team. Spokesman Tom McMillan declined comment Monday about the potential buyer, the time frame or if any offers have yet to be received.
The Pens can’t relocate because the team’s lease with Consol Energy Center runs to 2037.
Image courtesy of Doug Butchy.
