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INQUIRER REPORTS THAT FLYERS CHAIR HAS STAKE IN PENS' ARENA

          The "financial well-being" of the Penguins could depend
     on negotiations between groups representing Penguins Owner
     Howard Baldwin and Flyers Chair Ed Snider, according to Tim
     Panaccio of the PHILADELPHIA INQUIRER.  In a proposal to the
     Allegheny Regional Asset District seeking $12.9M in funding
     for renovations to the Civic Arena -- which has been
     approved -- the Penguins were required to sign a letter-of-
     intent to reacquire the arena's lease rights.  Panaccio
     reports that Spectacor Management Group, which Snider holds
     a one-third stake in, owns the lease rights, which it
     purchased for $23M in '91 from former Penguins Owner Edward
     DeBartolo Sr., as well as the Civic Arena's development
     rights.  SMG President Wes Wesley said he would "allow the
     Civic Arena renovations to take place" but SMG hasn't seen
     any renovation plans yet and hasn't approved anything. 
     Panaccio notes that SMG "has balked" at selling back the
     Civic Arena's lease rights, but late last Friday, the
     Penguins announced they had an agreement with SMG for the
     lease rights, which a source in the negotiation put at about
     $26M.  Penguins President Donn Patton: "It's a bit
     confusing.  Until money actually changes hands, there is no
     deal.  We need to close it" (PHILA. INQUIRER, 3/9).  

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