News Article: Ron Burkle on Pens Ownership & Future

[Dying Alive]

Since it's so rare to hear from Burkle (the first and last of these types of interviews, according to the article) I thought it merited its own thread. If it should be moved elsewhere, feel free. There's lots of interesting stuff here, notably that Burkle would like to own the team "forever".

Link

It's by Dave Molinari so you can click guilt-free.

Click to read more...

 

[theicebox]

Ron Burkle is the man. Thank you Ron.

 

[bathroomSTAAL]

That was a great read. A bad owner can completely **** up your entire team for generations. We're very lucky to have him and Mario steering the ship.

 

[Peat]

That was a great read. A bad owner can completely **** up your entire team for generations. We're very lucky to have him and Mario steering the ship.

Was thinking the same thing. This organisation has landed on its feet to have so many guys, top to bottom, who just want to win.

 

[AjaxTelamon]

Good article. It took a lot of things to go right to get us where we are today. We got pretty lucky.

 

[BrunoPuntzJones]

Thank you Ron Burkle for bringing in the immortal Dave Morehouse who saved the team and made them true legends.

 

[Shockmaster]

Burkle wants to own the team forever? This can't be true! All the Flyers fans who still live in the early-2000's say the team will relocate once Crosby retires!

 

[strandvag]

Interesting that part of reaching the second round to get profit

 

[Richard]

Interesting that part of reaching the second round to get profit

*Paper profit.

Who knows how the cash flow is set up?

I'm no accountant but having your sports team write a loss every year seems like a good business practice for a billionaire.

 

[CanadianPensFan1]

That was a really good read. Well done mr Burkle and Mr molinari

 

[Le Magnifique 66]

Wow that was awesome. W are really lucky to have these 2

 

[BlackAndGold87]

Only if the Pirates could step up in ownership and show they just want to win.

 

[Shockmaster]

Only if the Pirates could step up in ownership and show they just want to win.

Didn't they offer to buy the Pirates years back?

 

[strandvag]

*Paper profit.

Who knows how the cash flow is set up?

I'm no accountant but having your sports team write a loss every year seems like a good business practice for a billionaire.

I have no clue how american taxes work out. So you are probably right sir

 

[mikethelegacy]

Dave Molinari is seriously the savior to the Pittsburgh hockey media, and Ron Burkle....damn what a guy!

 

[BlackAndGold87]

Didn't they offer to buy the Pirates years back?

Not sure, but someone needs to buy the Pirates. A team I truly wanna consistently follow but hard to do so with how the team is run.

Alway wish Mark Cuban bought the team back in the early 2000's

 

[Iceguy24]

I thought the Kimel family was working on acquiring a minority piece of the Penguins. What ever happened to that?

 

[Shady Machine]

Really good read. Interesting that they forecast a break even of 2nd round.

 

[Shady Machine]

Didn't they offer to buy the Pirates years back?

The article mentions that Burkle made an unsolicited offer to buy the Pirates in 2010, but Burkle wouldn't comment on that.

 

[The Merovingian]

Burkle and Lemieux wanted to get in on the Pirates. Neither will comment on that. But I'm pretty sure that their denial to speak about it means that they did.

Notice in the article that Burkle keeps on referring to 'value'. I bet that the Pens make money every year, simply making the playoffs. What Mr. Burkle is interested in is the growth in value for the team. And in this light, the value of the Pens in 2010 (according to Forbes) was 235 Million. In 2016? $570 Million. And that's why Mario was thinking on cashing in some of his chips, to have a safety net of cash. Burkle has a ton of cash. Mario does not.

 

[WayneSid9987]

Burkle and Lemieux wanted to get in on the Pirates. Neither will comment on that. But I'm pretty sure that their denial to speak about it means that they did.

Notice in the article that Burkle keeps on referring to 'value'. I bet that the Pens make money every year, simply making the playoffs. What Mr. Burkle is interested in is the growth in value for the team. And in this light, the value of the Pens in 2010 (according to Forbes) was 235 Million. In 2016? $570 Million. And that's why Mario was thinking on cashing in some of his chips, to have a safety net of cash. Burkle has a ton of cash. Mario does not.

True but i imagine Burkle set aside a nice chunk of the 15Million from Vegas to Mario + back to back Cup profits.
Mario's probably pretty gucci now on that front. ie. actual cash on hand.

Perhaps he was just tapped out after building a 20M dollar home in Quebec that was finished in 2012.

 

[The Merovingian]

Perhaps so. Sounds like Burkle wants to take care of Lemieux. So if he did get that cash, #66 won't be dropping his ownership any time soon.

Which I love.

 

[Ugene Magic]

He just seems like a regular guy, other than being rich.

I don't think I could say thank you, enough.

 

[Sidney the Kidney]

What ever happened to the rumors that Mario and Burkle wanted to sell the team?

 

[exHornet]

Burkle and Lemieux went public with an attempt to buy the Pirates about 10 years ago. Part of their plan was to use the Pens and the Pirates to put together a local sports network, much like what the Angels and others have done. Nutting was not happy, to say the least, that this became public, and it pissed him off greatly. No matter, because he's not selling his cash cow anyhow, but it embarrassed him and he probably still hates Mario to this day. So, I say, good for Mario.