News has surfaced that the NHL’s Pittsburgh Penguins are for sale and could relish in an estimated $850 million — a minimum price floor was marked at $700 million, according to the Pittsburgh Business Journal.
To current shareholders of the Penguins, Mario Lemieux and Ron Burkle, that figure is in the Goldilocks zone for the organization, in which a deal will be finalized within this week.
Burkle on the potential buyer and amount, obtained from the Pittsburgh Tribune Review:
“Burkle, a former grocery magnate whose private equity firm claims it manages $11 billion, and Penguins majority co-owner Mario Lemieux are exploring sales opportunities for a franchise that Vanderbilt University sports economist John Vrooman predicts could sell for $800 million.
“Ron knows when to hold ’em and when to fold ’em,” said Lloyd Greif, a Los Angeles investment banker who has known Burkle for decades.
Burkle, 62, recently sold or shopped other high-profile properties. He pocketed $67 million for his stake in Manhattan’s members-only club Soho House, the New York Post reported; he listed his Broadway penthouse for $37 million, according to Forbes; and A&P, a supermarket chain partly owned by Burkle’s Yucaipa Cos., is looking to sell nearly half of its 301 stores, the Post reported.
Forbes pins Burkle’s wealth at $2.6 billion, down from its valuation of $3.5 billion in 2007.
Oh man, only $2.6 billion?”
Any thoughts of relocation will be put on-hold until 2037, because that’s the remaining tenure the Penguins have with their current area, Consol Energy Center.
Career Leaders (G, A, SV) in Penguins Franchise History
Goals
690 – Mario Lemieux
439 – Jaromir Jagr
316 – Jean Pronovost
Assists
1033 – M. Lemieux
640 – J. Jagr
551 – Sidney Crosby
Saves
15,167 – Marc-Andre Fleury
12,076 – Tom Barrasso
5,641 – Ken Wregget
