Penguins owners cashing out?
Mario Lemieux and Ron Burkle helped rescue the Pittsburgh Penguins, buying the floundering franchise out of federal bankruptcy court in 1999 and eventually turning the team into one of the NHL’s marquee destinations replete with superstars and a glistening new arena. With the Penguins’ long-term prospects in Pittsburgh secure, the partners are now considering cashing out. The owners said in a statement Wednesday night they have hired investment bank Morgan Stanley to gauge their financial prospects for the team, including everything from an outright sale to simply giving up a share of the team to standing pat.