Penguins Bidder Says Letter Of Intent Could Be Signed Soon
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Penguins Suitor Says
Team Is Close To Deal
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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).
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