Penguins Bidder Says Letter Of Intent Could Be Signed Soon

Penguins Suitor Says Team Is Close To Deal

Medallion Financial Corp. President Andrew Murstein, who is part of a group bidding for the Penguins, said the team is “probably going to sign (a letter of intent) with somebody within the next 30 days,” according to Shelly Anderson of the PITTSBURGH POST-GAZETTE. Toronto-based real-estate developer Sam Fingold, another bidder, added that the sale “could be final as early as the start” of next season. The sale price is expected to be $150-170M, and Murstein said that his group will be “increasing its bid in the next couple of days.” Both groups have paid $100,000 to perform due diligence on the Penguins books. Anderson notes Murstein is “emphatic about getting a new venue to replace Mellon Arena and keeping the hockey team in Pittsburgh,” but Fingold is “unsure about the prospects for a new arena.” Others interested bidders include AFL Destroyers co-Owner Jim Renacci and Northland Investment Corp. CEO Lawrence Gottesdiener (PITTSBURGH POST-GAZETTE, 6/23).