Potential Penguins Sale Stopped Due To Relocation Stance
|
Canadian Group Pulls
Out Of Penguins Bidding
|
The Penguins were “ready to sell” to a Canadian group that offered at least $175M,
but the bidder “backed out over the weekend based on what it learned about the
NHL’s stance [towards relocation] and the state’s ‘Plan B’ for arena funding,”
according to sources cited by Shelly Anderson of the PITTSBURGH POST-GAZETTE.
The decision leaves four bidders remaining for the franchise. Any buyer of the
team “will be obligated to join the Penguins’ agreement” with Isle of Capri casino,
which will donate $290M to a new arena if it is granted the slots license for
the city of Pittsburgh. The Canadian group “wanted options if the Isle of Capri
deal falls through or Plan B didn’t seem suitable,” but it discovered the NHL
“probably would have blocked a move.” NHL Group VP/Media Relations Frank Brown
said that the league bylaws contain wording “that defines many conditions that
need to be exhausted before a team would be allowed to move.” Anderson notes the
league “probably would not approve relocation as long as there is an active plan
for a new arena.” The four remaining bidders are “more willing to work with Plan
B if the Isle of Capri does not get the slots license,” though at least one group
“might be holding out hope that if Plan B falls apart the team could still be
moved” (PITTSBURGH
POST-GAZETTE, 7/18).
|
Related Stories By Company
|
Related Stories By Sport
|
Penguins Teaming To Build Hotel
November 19, 2009 :
SportsBusiness Daily
Consol Energy Center Should Be Done Aug. 1
October 14, 2009 :
SportsBusiness Daily
Pens Build Buzz With Viral Ad Campaign
October 1, 2009 :
SportsBusiness Daily
Charter Flight Dispute Impacts Team Travel
September 9, 2009 :
SportsBusiness Daily
Pens Sell Out Premium Seats At New Arena
July 30, 2009 :
SportsBusiness Daily
|
Filings Show Coyotes Lost $5M In Oct.
November 20, 2009 :
SportsBusiness Daily
Canucks Criticized For Getting H1N1 Vaccine
November 20, 2009 :
SportsBusiness Daily
Panthers Hold Promo For Rink Naming Rights
November 20, 2009 :
SportsBusiness Daily
Ticket Package Offered For Flyers, 76ers
November 20, 2009 :
SportsBusiness Daily
Blackhawks' John McDonough Profiled
November 19, 2009 :
SportsBusiness Daily
|
|
