Penguins co-Owner Roger Marino will "appeal" Bankruptcy
Judge Bernard Markovitz's "ban against shopping" the team,
according to Kris Mamula of the Pittsburgh TRIBUNE-REVIEW.
Marino attorney Charles Dale said the grounds for the
appeal, to be filed this week, will be that a "new home for
the team could provide the best return for creditors."
Markovitz ruled that despite the bankruptcy filing, the team
had to honor its lease commitment through 2007 (Pittsburgh
TRIBUNE-REVIEW, 3/30). Pittsburgh Mayor Tom Murphy said on
Friday that he is "prepared to begin talks about a new ice
hockey arena" once the team's ownership situation is
resolved, "possibly within a month or two." Murphy said
"that he was optimistic a new arena could be built with
little or no public funding." He "also held open the
possibility of a major renovation of the Civic Arena."
Murphy added that there "could be one or more additional
groups in the running" for the Penguins, in addition to
those led by Mario Lemieux and Harvey Gainey and Marino.
Meanwhile, City Council President Bob O'Connor, who also
favors a new arena, said he was exploring the prospects for
an NBA team in Pittsburgh (PITTSBURGH POST-GAZETTE, 3/27).
DO NUMBERS ADD UP? The SPORTSBUSINESS JOURNAL's Andy
Bernstein examines Lemieux's reorganization plan and writes
that the prospectus relies "on rosy revenue projections that
experts say will be difficult to achieve." Sources tell
Bernstein that if plans for a new arena are "not nailed down
in the next few months," Lemieux may rescind "the takeover
bid entirely" (SPORTSBUSINESS JOURNAL, 3/29 issue).
