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).
