Broadcast.com co-Founder Mark Cuban "may" invest $40M
"or more" in the Penguins as part of a deal that would make
him the majority owner, with "twice the equity" than that of
Mario Lemieux, according to Ann Belser of the PITTSBURGH
POST-GAZETTE. The potential investment could be made after
the Lemieux-led group closes its deal to buy the team, which
could come "possibly next week." But CA billionaire Ron
Burkle -- a partner in Michael Ovitz's bid to bring an NFL
expansion team to L.A. and an investor in Lemieux's group --
"may take back" his $20M stake in the Penguins "after the
deal closes and Cuban adds his money." Cuban's $40M would
"cover Burkle's stake" and "ensure the team has enough cash
as it emerges from bankruptcy." Cuban's attorney Harry
Manion said he has "informed" Lemieux that his client's
"primary interest is in ensuring that this team will stay in
Pittsburgh." Manion: "The delays in closing have created
the real possibility that this team is going to fold because
it is out of money" (PITTSBURGH POST-GAZETTE, 8/12).
