The Pittsburgh Penguins are up for sale and reportedly have a massive asking price for prospective buyers.
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Forbes Staff Member Examines Report Stating Penguins Owners Want $750 Million to Sell Team
Saturday, Sept. 5
TSN's Rick Westhead reported on Sept. 2 that the Penguins may have difficulty finding a suitor to sell to for $750 million because of the uncertainty over the Canadian dollar.
"While there have been reports in recent days that owners Mario Lemieux and Ron Burkle want $750 million for the NHL team, those reports are wrong, written by folks who know nothing about how team sale prices are calculated," Mike Ozanian of Forbes.com noted Saturday. Ozanian added the following:
The $750 million figure being thrown around now includes $400 million of real estate development on the land where the team played before it moved to Consol Energy Center. Including the value of that real estate in the sale price of the team would be like selling your house and a lot of land in another part of town that is being commercially developed for total of $1 million and saying you sold your house for $1 million.
Read Full Article at Bleacher Report - NHL
Article written by Matt Fitzgerald
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