Prospective Penguins Owner Mario Lemieux "has banked
enough money from other investors to complete his purchase
of the Penguins," according to Ann Belser of the PITTSBURGH
POST-GAZETTE, who writes that it could be next week before
paperwork is completed and the "deal closed." Lemieux has
collected "more than" $50M in investments, which was the
"minimum amount of outside investment required" in his
reorganization plan. However, Lemieux's attorney Doug
Campbell "would not say whether" the $55M target was
reached, which was the "amount of outside investment"
Lemieux pledged in a tentative deal with the Public
Auditorium Authority. Campbell added that he "would not
release" an updated list of team investors. NHL Senior
VP/Legal Affairs William Daly said that the league has "not
finished background checks" on the new investors (PITTSBURGH
POST-GAZETTE, 7/28). U.S. Bankruptcy Judge Bernard
Markovitz yesterday "denied" an SMG request to "delay" the
sale to Lemieux. SMG was seeking a "veto right," in which
it could "pull the plug on the deal" if Lemieux's lease
proposal "is unacceptable" (TRIBUNE-REVIEW, 7/28).
