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Old 10-04-2006, 07:53 PM   #1 (permalink)
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Exclamation [2006-10-04] Penguins sold to Waterloo businessman

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The Pittsburgh Penguins have a new owner.

KDKA TV in Pittsburgh reports that the NHL team will be sold to Canadian businessman Jim Balsillie for $175 million.

Balsillie is the owner of Research In Motion, a Blackberry manufacturer based in Waterloo, Ont.

Among the 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.

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.

Source: TSN : NHL - Canada's Sports Leader

Last edited by finch : 10-04-2006 at 08:03 PM. Reason: Title, forum and formatting
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Old 10-05-2006, 11:01 AM   #2 (permalink)
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I guess that the Pen's office staff will be getting Pearls lol.
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Old 10-05-2006, 11:08 AM   #3 (permalink)
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Please keep only one thread active. I have deleted the other in OFF TOPIC.


thanks
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Old 10-11-2006, 01:40 PM   #4 (permalink)
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Quote:
Originally Posted by pierre15208
I guess that the Pen's office staff will be getting Pearls lol.
LMAO and the players as well
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Old 10-12-2006, 02:36 AM   #5 (permalink)
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What the FREAK was he thinking?! Is he trying to become bankrupt?! How is this franchise going to improve? Is Balsilie locked into ownership for a certain time period.?!
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Old 10-12-2006, 07:56 AM   #6 (permalink)
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Quote:
Originally Posted by Jagga
What the FREAK was he thinking?! Is he trying to become bankrupt?! How is this franchise going to improve? Is Balsilie locked into ownership for a certain time period.?!
They have some potential. They have those young rookies (Marc Andre fleury and Sydney Crosby). I think that they will become better in a couple of years. It just takes time.

Kevin
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Old 10-12-2006, 12:40 PM   #7 (permalink)
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Not to mention the best non-NHL player in the world, E Malkin. If he moves this team out of Pgh I'm going to do the best I can to convert our 5000 BBs to Windows Mobile 5 devices!

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Old 10-12-2006, 06:53 PM   #8 (permalink)
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Quote:
Originally Posted by MarkF
Not to mention the best non-NHL player in the world, E Malkin. If he moves this team out of Pgh I'm going to do the best I can to convert our 5000 BBs to Windows Mobile 5 devices!

lmao
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