Penguins Sale In Jeopardy?
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Brandon Minich | Thursday, August 31, 2006 |
Sale of Pittsburgh Penguins in trouble? (KDKA)
More than a month has passed since a Connecticut real estate developer signed a letter of intent to buy the Pittsburgh Penguins.
There’s been no sale as of yet.
KDKA Investigator Andy Sheehan has word that the deal may be in trouble.
Sam Fingold won exclusive negotiating rights to the Penguins when he offered $175 million dollars to buy the hockey club.
The deal has hit some major snags and tonight there’s serious doubt that Fingold and the Penguins will ever make the deal.
At $175 million dollars, the Penguins shocked the hockey world by fetching a sale’s price that hockey insiders thought they would never reach.
Now it appears the insiders might have been right all along.
The soap opera continues. Interestingly enough, the NHL wants to keep the Pens in Pittsburgh:
In recent weeks, the NHL has made it clear that it does not want the Penguins to leave Pittsburgh and would block such a move if there is a viable plan to build a new arena.
Of course, that’s been the whole issue over the past few years: the Pens, no matter how hard they try, cannot get anyone to finance the new arena. The only party to come forward has been the Isle of Capri casino, which would build an arena if they get a gaming contract in Pittsburgh. However, they are one of many possible gambling groups vying for a Pittsburgh license, and chances are that only one or two of the companies will get one. The state and local governments have promised a plan B, according to the article, but I’ll believe it when it happens.
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