Report: Pens’ owners seeking $750 million for sale of team
The owners of the Pittsburgh Penguins are seeking $750 million for the sale of the team, according to the sources of TSN’s Rick Westhead.
Westhead reports that $750 million would mark a record for the sale of a U.S.-based NHL team.
“It does seem a bit steep with the economy and for that market,” said Montreal economist Drew Dorweiler. “Pittsburgh is certainly not one of the largest cities in the U.S.”
In June, Penguins owners Ron Burkle and Mario Lemieux retained Morgan Stanley to oversee the sale of the club.
“We conduct periodic reviews of our business and, because we have received several inquiries about the franchise in recent years, we decided to engage Morgan Stanley for their insight and counsel,” Lemieux and Burkle said in a joint statement. “After buying the team out of bankruptcy, ensuring its long-term future in Pittsburgh and creating a strong foundation for continued success, we believe it is time to explore our options.”
Last year, Forbes magazine valued the Penguins at $565 million - the 10th-most valuable franchise in the league.