Penguins reject Cuban group

Discussion in 'The Business of Hockey' started by Guy Legend, Jul 22, 2006.

  1. Guy Legend

    Guy Legend Registered User

    Joined:
    Jun 2, 2005
    Messages:
    2,527
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    St. Louis
  2. Live in the Now

    Live in the Now Global Moderator

    Joined:
    Dec 17, 2005
    Messages:
    41,130
    Likes Received:
    708
    Trophy Points:
    169
    Location:
    LA
    Awards:
    WHY? He's the best owner they could have had!
     
  3. TorontoSports

    TorontoSports Registered User

    Joined:
    Apr 11, 2006
    Messages:
    3,040
    Likes Received:
    12
    Trophy Points:
    96
    Location:
    Toronto
    Does the NHL do anything they should do?
     
  4. kdb209

    kdb209 Global Moderator

    Joined:
    Jan 26, 2005
    Messages:
    16,272
    Likes Received:
    5
    Trophy Points:
    126
    The NHL has nothing to do with this - It's Mario's (and partner's) decision.

    Murstein's group (Cuban was just a minority investor) offered $170M. Two other groups offered >$175M. Simple as that.
     
  5. TorontoSports

    TorontoSports Registered User

    Joined:
    Apr 11, 2006
    Messages:
    3,040
    Likes Received:
    12
    Trophy Points:
    96
    Location:
    Toronto
    Which other group? there are like 4 right?
     
  6. st5801

    st5801 Registered User

    Joined:
    Jan 31, 2005
    Messages:
    1,719
    Likes Received:
    0
    Trophy Points:
    0
    Fingold and Gottesdiener put in the higher bids. Murstein was around $170 and Renachi was even lower.
     
  7. dabid

    dabid Registered User

    Joined:
    Feb 6, 2006
    Messages:
    9,344
    Likes Received:
    86
    Trophy Points:
    101
    Gender:
    Male
    Occupation:
    Pope
    Location:
    gorskic's house
    Renachi was around 100 million apparentely. :biglaugh:
     
  8. mr gib

    mr gib Registered User

    Joined:
    Sep 19, 2004
    Messages:
    5,853
    Likes Received:
    0
    Trophy Points:
    0
    Occupation:
    rock and roller
    Location:
    vancouver
    Home Page:
    the nhl doesn't want mark cuban or dan marino - insanity -
     
  9. clefty

    clefty Retrovertigo

    Joined:
    Dec 24, 2003
    Messages:
    18,138
    Likes Received:
    2
    Trophy Points:
    0
    Home Page:
    $150 million.
     
  10. clefty

    clefty Retrovertigo

    Joined:
    Dec 24, 2003
    Messages:
    18,138
    Likes Received:
    2
    Trophy Points:
    0
    Home Page:
    Nothing to do with the NHL. The NHL doesn't decide who the team gets sold to.
     
  11. futurcorerock

    futurcorerock Registered User

    Joined:
    Nov 15, 2003
    Messages:
    6,831
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Columbus, OH
    Wow.

    Cuban could've saved the Penguins.

    The NHL might not need them, but they couldn't be hurt by it
     
  12. Hasbro

    Hasbro Can He Skate?! Sponsor

    Joined:
    Apr 1, 2004
    Messages:
    41,177
    Likes Received:
    1,350
    Trophy Points:
    169
    Gender:
    Male
    Occupation:
    Drone
    Location:
    South Rectangle
    The Pens are headed to Havana?!:sarcasm:
     
  13. Tekneek

    Tekneek Registered User

    Joined:
    Nov 28, 2004
    Messages:
    4,326
    Likes Received:
    10
    Trophy Points:
    96
    They don't get to decide which offer the Penguins like, but they do get to decide whether to approve an ownership change or not.
     
  14. Big McLargehuge

    Big McLargehuge 12

    Joined:
    May 9, 2002
    Messages:
    68,530
    Likes Received:
    693
    Trophy Points:
    215
    Location:
    S. Pasadena, CA
    For the record...Cuban would have been a minority investor with almost nothing to do with the day-to-day running of the team...the only reason he was even in the group was because he wants all of the Pittsburgh teams to stay in Pittsburgh.


    Murstein would have been the majority owner.
     
  15. David Puddy

    David Puddy Registered User

    Joined:
    Nov 15, 2003
    Messages:
    5,824
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    New Jersey, USA
    Home Page:
    Dan Marino was on Fox and Friends on Thursday. He said that he and Cuban are "only a small, little part of the group" as he held his fingers about two inches apart. He added, "The reason why Mark and I are getting involved is we love Penguins." Marino said that he grew up as a fan and he "would love to see them stay in the city."

    If that happens, Castro will be the benevolent general manager, and the team will wear red.
     
  16. actually they do

    The NHL and the other owners vote on whether a team can change owners

    it is happened four times in the past 10 years that someone tried to buy a team and the nhl let the new guy know he did not have the votes to buy the team.

    It may sound silly with a guy like Wang running the NYI into the ground that the nhl has standards

    one of the guys that was told not to bother was being openly investigated for being involved drug dealing on the grand scale.

    Another guy who wanted to buy a team was asked by the nhl to put foward a business plan---the plan hinged on him getting tax breaks and loans to cover him buying the team--he was also sent on his way
     
  17. TorontoSports

    TorontoSports Registered User

    Joined:
    Apr 11, 2006
    Messages:
    3,040
    Likes Received:
    12
    Trophy Points:
    96
    Location:
    Toronto
    Gottesdeiner and Fingold both want to move the team right?
     
  18. Pens75

    Pens75 Pens Fan Since 1975

    Joined:
    Jul 30, 2005
    Messages:
    2,948
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Duquesne Gardens
    Wrong...

    he [Fingold] thinks it might be viable to keep the Penguins in Pittsburgh. In additioin, several factors seem to indicate that the team will stay put, unless plans fall apart for a new facility that would replace outdated Mellon Arena.

    The new owner of the team will inherit an agreement with gaming company Isle of Capri, which has pledged $290 million toward construction of a new arena if it gets the city's slots license.

    If one of the other two finalists for the slots license, Forest City and PITG Gaming, get the license, state and local officials have put together an alternative plan for arena funding. Both have committed to provide $7.5 million a year for 30 years for arena construction.

    The pledges are a cornerstone of Gov. Ed Rendell's so-called $315 million Plan B to build a new arena in Pittsburgh.

    Under its current setup, which would go into effect if Isle of Capri is not awarded a slots license, the Penguins would make an $8.5 million payment toward a new arena, plus $4.1 million per year for 30 years. In addition to the $7.5 million annual contributions from the winning gaming campany, the state would provide $7 million per year from a slots-backed development fund.

    The state also would contribute $26.5 million for site acquisition and preparation, which would be paid back once slots revenues begin rolling in.

    As long as one of those two possibilities for building an arena is viable, it's doubtful the NHL will allow the team to be relocated. League bylaws list a multitude of conditions that must be met in order for a team to be moved, including whether there are reasonable prospects for viability and whether there are efforts by the community and officials to attain viability.


    http://post-gazette.com/pg/06203/707848-61.stm
     
    Last edited: Jul 22, 2006
  19. HandshakeLin

    HandshakeLin Now brought to you in glorious Shaw-Scope!

    Joined:
    Nov 9, 2005
    Messages:
    25,086
    Likes Received:
    1,677
    Trophy Points:
    169
    Occupation:
    Giving Your Kid An F
    Location:
    Praha, CZ
    Both have said it's an option, however, they have both also stated that the "Plan B" the city's putting forth is viable and that they're thinking of keeping the team here. There's also the matter of, if the IOC group wins the slots, they have to stay, contractually. So, my guess is that it's probably going to hurt their bottom line too much to move. I just hope that the city gives them a decent lease that makes too much profit for them to move.
     
  20. st5801

    st5801 Registered User

    Joined:
    Jan 31, 2005
    Messages:
    1,719
    Likes Received:
    0
    Trophy Points:
    0
    They can't if Isle of Capri gets the slots license, and they likely can't anyway as long as the so-called "Plan B" for a new arena goes through. Fingold has said he'll only move the team if Plan B completely falls apart. Gottesdiener hasn't said a word about it.
     
  21. HandshakeLin

    HandshakeLin Now brought to you in glorious Shaw-Scope!

    Joined:
    Nov 9, 2005
    Messages:
    25,086
    Likes Received:
    1,677
    Trophy Points:
    169
    Occupation:
    Giving Your Kid An F
    Location:
    Praha, CZ
    Which might be why he's not getting the letter of intent. Part of the stipulation for selling the team might be that they have to cooperate with local officials in trying to keep the team here until it becomes 100% unviable.
     
  22. Smoke

    Smoke Time is the flaw

    Joined:
    Aug 2, 2005
    Messages:
    4,648
    Likes Received:
    84
    Trophy Points:
    101
    Location:
    PA
    I could see it getting messy, especially if the new owner wants to move the team. As long as Plan B is as viable of an option as the politicians(ha!) are saying, I just don't see the NHL approving a move. More stranger things have happened though.
     
  23. StevenintheATL

    StevenintheATL Registered User

    Joined:
    Jun 12, 2004
    Messages:
    2,747
    Likes Received:
    0
    Trophy Points:
    0
    Occupation:
    Coffee Route Sales
    Location:
    The ATL!

    Don't forget the new logo will be Che Penguinera......
     
  24. mr gib

    mr gib Registered User

    Joined:
    Sep 19, 2004
    Messages:
    5,853
    Likes Received:
    0
    Trophy Points:
    0
    Occupation:
    rock and roller
    Location:
    vancouver
    Home Page:
    i know - same thing though
     
  25. Luigi Lemieux

    Luigi Lemieux Registered User

    Joined:
    Sep 26, 2003
    Messages:
    16,843
    Likes Received:
    709
    Trophy Points:
    169
    it bothers me slightly that they wouldn't sell to the group that guaranteed to keep the team in pitt over $5 mill. $170 mill instead of $175 mill doesn't seem like a big deal. especially when you consider lemieux group bought the team for about $80-90 mill in 1999. they would be making out huge either way.
     

Share This Page

monitoring_string = "358c248ada348a047a4b9bb27a146148"