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Questions Delay Sale of Penguins19 September 2006PITTSBURGH, Pennsylvania -- As reported by the Pittsburgh Tribune-Review: "Uncertainties over the Penguins' future -- including whether the team will remain in Pittsburgh -- have kept bidders from buying the team, sources said Monday. "...It's believed the team would be worth more money if it had a new arena and a definite direction. "...Issues blocking the sale include the asking price -- of around $175 million -- and questions about whether Pittsburgh will get an arena, who would pay for the arena and the potential for relocating the team if there is no arena. "Many of the arena issues could be settled in December, when state gambling regulators are expected to award a slots license for Pittsburgh. "Isle of Capri Casinos has said it would pay $290 million for an arena if it wins the license. The other casino bidders have said they would pay $7.5 million a year toward an arena, but the state and team would have to contribute as well..." |