Penguins co-Owners Ron Burkle and Mario Lemieux "have hired Morgan Stanley to explore the possibility of selling some or all" of the team, according to Bob McKenzie of TSN.ca. It "doesn't mean Burkle and Lemieux are necessarily getting out but they are looking at various options." It is "believed Lemieux, perhaps more than Burkle, may have an interest in getting his equity share out of the franchise." But even if Lemieux and/or Burkle "decide to sell, they have some interest in retaining some involvement or connection with the team." Morgan Stanley is the "same company that facilitated the sale" of the Sabres to Terry Pegula (TSN.ca, 6/3). In Pittsburgh, Kovacevic & Yohe reported Burkle "has no intention to sell at the moment," and the Penguins, in "no shape or form, are dealing with any financial problems." This is a franchise that is "fiscally healthy." Lemieux simply is "looking to capitalize here while his team is most valuable" (DKONPITTSBURGHSPORTS.com, 6/3). Also in Pittsburgh, Dave Molinari in a front-page piece cites a source as saying that there is "no likelihood the team will be moved." The Penguins have a "long-term lease at Consol Energy Center." A statement from the team said that neither Lemieux nor Burkle "will speak publicly until the process is complete" (PITTSBURGH POST-GAZETTE, 6/4).
LEMIEUX COULD KEEP SMALL SHARE: In Pittsburgh, Mackey & Rossi in a front-page piece cite sources as saying that Lemieux "told close friends last summer he wanted to sell all but a small portion of his share, holding a stake that would allow him to keep a title and use of a luxury box at Consol Energy Center." A separate source said that this process "gained considerable steam, spearheaded by an appraisal of the franchise, during the past two weeks." The asking price is unknown, but a source said that he "believes Forbes' valuation of the franchise" of $565M -- which ranks 10th highest in the NHL -- "is low." Sources added that Penguins employees "were told of the situation" yesterday. The sources noted that the franchise "reduced spending last season, including on travel for team employees, because ownership did not want to incur more losses due to interest in a possible sale" (PITTSBURGH TRIBUNE-REVIEW, 6/4). YAHOO SPORTS' Josh Cooper wrote if Lemieux and/or Burkle "indeed believe they have maxed out their investments, it could be time to move on." Cooper: "That’s business, that's money" (SPORTS.YAHOO.com, 6/3).
SUPER MARIO: In Pittsburgh, Joe Starkey writes under the header, "Mario's Mission Fulfilled." It is "normally floundering franchises that hit the market," and in those cases, talk of relocation "naturally follows." But it "won't here," as "nobody is going to buy this team, break its lease and move it." The thought of such "is ludicrous." Even if Lemieux "converts a small percentage of his stake, he stands to clear a tidy sum." Starkey: "Good for him. We can all agree he's earned it, right?" But "maybe this is about more than money." Starkey: "Maybe Lemieux doesn't want to be burdened with decision-making duties anymore. One could hardly blame him." No matter what, Lemieux is "permanently woven into the fabric of this town and its hockey team" (PITTSBURGH TRIBUNE-REVIEW, 6/4).
