Bid for Pittsburgh Penguins expected next week

Wheels are turning for the sale of the Pittsburgh Penguins. From the Pittsburgh Business Times

A group of investors expects to make an offer to buy the Pittsburgh Penguins within the week, sources told the Business Times. Their identities of the bidders and size of the bid were not disclosed, although some who have done deals in the National Hockey League said the team could sell anywhere from $700 million to $850 million.

$700-$850 million is a huge chunk of cheddar, needless to say. It seems likely the next owners will have to be some sort of group or conglomerate, it seems far-fetched any one single person is going to be dropping that much money on an NHL franchise.

No matter who owns the team, at least this proposed sale can't take the team out of the 'Burgh.

The Pens can’t relocate because the team’s lease with Consol Energy Center runs to 2037.

As always, it's a wait and see for what the bid comes in at and where that bid goes. If the price is right, the days of the Lemieux Group LLP owning the Penguins is likely soon coming to an end.