Group of investors interested in buying Penguins
PITTSBURGH (AP) – A group of investors is interested in buying the Pittsburgh Penguins but not moving the team, a team spokesman said Friday. “For some time now, there has been interest from a number of groups looking to invest in the team. We are currently in discussions with one such group,” Tom McMillan said in a statement.
McMillan didn’t specify who the investors are.
McMillan told the newspaper Mario Lemieux, the team’s star player, who heads its current management team, would stay. The thrust of any deal would be keeping the team in Pittsburgh and building a new arena to replace 44-year-old Mellon Arena, the oldest and smallest building in the National Hockey League, McMillan said.
“Even if there is a substantial new investment in the team, Mario Lemieux will continue to be involved in all aspects of the operation,” McMillan said.
“All of our discussions with this group have been about keeping the Penguins in Pittsburgh, putting the best possible team on the ice and applying for a new slots license that will fund a new arena for our community,” McMillan said. The Penguins lease at Mellon Arena expires in 2007.
The Penguins have previously said they would use revenues from slot machine parlor they propose building to help fund a new arena. Slot machines were legalized in Pennsylvania last year, although an oversight board is still crafting regulations for them and no state licenses have been issued to run slots operations.
Lemieux and his partners have controlled the team since it emerged from Chapter 11 bankruptcy in 1999. Lemieux had retired as a player two years earlier, but came out of retirement in December 2000.
Lemieux has said he wants to keep playing even though he’ll turn 40 on Oct. 5.