What does that mean for the future of the Penguins in Pittsburgh?
Basically, Penguins are going to move.
I feel like murdering that entire board myself...
Anyone who said that hasn't followed the process at all. No one ever said the license was in the bag for IOC. Ask anyone on here or in Pittsburgh and they'll tell you the same thing. It was assumed by a lot of people Harrah's would get the license due to ties with Ed Rendell. The Pittsburgh Post Gazette stated several times over the past few weeks that PITG actually had the best chance.Who didn't see this coming?
After about 10000 posts from various people saying that the IOC slot lisence was basically in the bag, you kind of had to figure it wouldn't happen.
Basically, Penguins are going to move.
I feel like murdering that entire board myself...
Anyone who said that hasn't followed the process at all. No one ever said the license was in the bag for IOC. Ask anyone on here or in Pittsburgh and they'll tell you the same thing. It was assumed by a lot of people Harrah's would get the license due to ties with Ed Rendell. The Pittsburgh Post Gazette stated several times over the past few weeks that PITG actually had the best chance.
6 months of listening to "Plan B" talk now...
I think the TV station mentioned earlier that they are willing to contribute 7.5m per year over 30 years.
What does that mean for the future of the Penguins in Pittsburgh?
Don't be ridiculous. The only thing it means is that IOC did not win the slots license and we'll get to see if the politicians will put their money where their mouth is.
It means that whoever buys the Pens will have to take on a significant portion of the arena financing if the sale is contingent on the team remaining in Pittsburgh. Basille's bid of $175 was inflated because he was assuming he was getting a free, state of the art, new arena, with a sweetheart lease.
I think Mario and Co. will have to decide on whether to sell the team to someone who guarantees to keep it in Pitt for something like $120 million or take something like $175 from someone who will move the team to a city that already has a new arena with all kinds of inducements.
Check Out This Article:
Balsillie balked at last-minute conditions
League wanted to restrict team's move until 2013
Theresa Tedesco, Chief Business Correspondent, National Post
Published: Wednesday, December 20, 2006
http://www.canada.com/nationalpost/...338bf-4285-49b5-b383-d9831115dcb6&k=89917&p=1
According to sources close to the negotiations, Mr. Balsillie balked at a "side deal" that would have required him to agree, among other things, to allow the NHL to take over the hockey team if it was unhappy with arena negotiations, or if it became disenchanted with his ownership. The league also wanted to restrict the new owner from contemplating a move out of Pittsburgh under any circumstances until 2013 at the earliest.
If a owner will have to kick in nearly $130-million of his own money for the arena ..... I doubt the selling price for the team even approaches $100-million.
We know you love us Pens fans, Jon. But please, go easy on us today, alright?