New Potential buyer wants to keep Pens in Town...

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New Potential buyer wants to keep Pens in Town...

Postby skullman80 on Tue Apr 11, 2006 10:18 pm

New Suitor For Pens Would Keep Team In Town
Andy Sheehan

http://kdka.com/topstories/local_story_101203024.html

(KDKA) PITTSBURGH KDKA Investigator Andy Sheehan has learned that there's another suitor for the Pittsburgh Penguins.

But unlike investors in Kansas City and Hartford, Connecticut -- who would move the team -- this investor wants to keep the team here.

His name is Jim Renacci.

He's a Pittsburgh native who currently owns the Columbus Destroyers Arena Football team.

Sources tell KDKA that Renacci is trying to put together a group of local investors to possibly buy the team and keep it here long term.

Even though the Pens aren't free to negotiate with buyers yet, Sheehan’s sources say they've had a New York banker put together a book on the team's finances.

Potential suitors will have to pay $100,000 in non-refundable cash to get a look at it.

When asked if Renacci had expressed an interest in obtaining a book, Ken Sawyer of the Pens would not elaborate.

“We don't comment on anything to do with a sale process,â€￾ said Sawyer. “We consider that a private matter until we have a deal in place.â€￾

Renacci, hasn't returned KDKA’s phone calls, but sources say he's talking to local investors about putting together a group to buy the Pens.

The same sources say the group may even include current Penguins owners -- who want to stay invested.

And for good reason, the Penguins are suddenly a more attractive commodity.

If their partners, Isle of Capri get a slots license, the new Pens' owners would get a new arena free of charge.

If Isle of Capri fails, Governor Rendell says the state will still build an arena with slots money with the Penguins chipping in.

Rendell says that should be enough to guarantee the Pens staying in Pittsburgh.

“We should be in the position to go forward,â€￾ said Rendell. “We should be in a position where the Penguins should stay if they can legally."

But the penguins will make no such commitment.

“No not at all,â€￾ said Sawyer. “We still need to see all the details of the plan. What we do know is that with the Isle of Capri plan, we will be here. That's the plan that requires no public money. And is the best plan for the city and the Penguins."

Sawyer was asked if the Penguins want to drive up the sales price of the team by entertaining out of town offers.

He said only that they'd prefer to sell them to someone who wants to keep them here.
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Postby Sam's Drunk Dog on Tue Apr 11, 2006 10:59 pm

Good news. Though nothing is concrete yet, it looks like more and more that the Pens will stay in town. I still won't be celebrating until everything is 100% official.
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Postby jjwags on Tue Apr 11, 2006 11:05 pm

this is good news.
Maybe I wont have to sell all my Pens Jerseys after all :P
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Postby newarenanow on Wed Apr 12, 2006 8:09 am

Sam's Drunk Dog wrote:Good news. Though nothing is concrete yet, it looks like more and more that the Pens will stay in town. I still won't be celebrating until everything is 100% official.


Agreed. BUt don't forget this is a roller coaster. We are at a high now. I'm sure in the next few weeks, some bad news will come out and we are confident they are going to be leaving.

I can't wait until this whole thing is done. I can't take it anymore.
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Postby KCHockey on Wed Apr 12, 2006 8:57 am

But unlike investors in Kansas City


A group of investors does not exist in Kansas City.

We will have an brand new arena in which to play in 2007. However, we do not have a local buyer (or group looking to buy). At least not one that I know about.
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Postby Jim on Wed Apr 12, 2006 9:22 am

Ever get the feeling that the press just comes up with "buyers" from time to time to keep the story flowing?
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Postby Gabe on Wed Apr 12, 2006 11:01 am

KCHockey wrote:
But unlike investors in Kansas City


A group of investors does not exist in Kansas City.

We will have an brand new arena in which to play in 2007. However, we do not have a local buyer (or group looking to buy). At least not one that I know about.


The only thing that KC has is NHL21, run by paul mcgannon. They are trying to line up investors for an NHL team, but last thing I heard, there was nothing in stone.
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Postby FuturePens on Wed Apr 12, 2006 1:17 pm

Because of Lemieux's request to find an owner that wants to stay in Pittsburgh, Pens will, do to respect, and all the hard work that Lemiuex has given to the Pens, ONLY make offers to those who seriously want to stay here in Pittsburgh !
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Postby conforto45 on Wed Apr 12, 2006 1:25 pm

does anyone think that Mario will pull out another rabbit from his hat and do something outrageously awesome to make sure this team stays in Pitt. again, and for good?

ive been thinking this for quite some time now. He has saved this team in so many ways in the past. He wouldnt let this team go. Without a huge fight anyways
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Postby KCHockey on Wed Apr 12, 2006 1:48 pm

The only thing that KC has is NHL21, run by paul mcgannon. They are trying to line up investors for an NHL team, but last thing I heard, there was nothing in stone.


Paul McGannon is a good guy...great hockey fan.

NHL21 promotes Kansas City as a viable home to an NHL team and schedules and markets an annual NHL exhibition game.

However, to say he is trying to line up investors is a bit of a stretch. More likely is AEG trying to find a group of investors that will purchase a team (could be the SuperSonics or Trailblazers at this point) and put them in the Sprint Center, which AEG will manage -- a group that could include people from anywhere, not KC.

I think Mr. Sheehan is just pulling sh*# out of the air since we have a new arena.
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Postby Gabe on Wed Apr 12, 2006 2:14 pm

KCHockey wrote:
The only thing that KC has is NHL21, run by paul mcgannon. They are trying to line up investors for an NHL team, but last thing I heard, there was nothing in stone.


Paul McGannon is a good guy...great hockey fan.

NHL21 promotes Kansas City as a viable home to an NHL team and schedules and markets an annual NHL exhibition game.

However, to say he is trying to line up investors is a bit of a stretch. More likely is AEG trying to find a group of investors that will purchase a team (could be the SuperSonics or Trailblazers at this point) and put them in the Sprint Center, which AEG will manage -- a group that could include people from anywhere, not KC.

I think Mr. Sheehan is just pulling sh*# out of the air since we have a new arena.



Ahh..I see. I have been kinda out of the loop since moving to Charlotte. I worked with Paul's brother and he was always telling me about meetings that McGannon had with Bettman, but there was never anything definite. Just a lot of what-ifs and conjecture.

The thing is...I really don't see KC as a hockey town, as much as I would like them to get a team. It seems that if it isn't the Chiefs, no one is really interested. I could imagine them selling pretty well the first year or so, then seriously tapering off if the on-ice product is not superb. The dangerous thing though, is that the timing would be perfect for the Pens. The young guys on the team would just be coming into their own around that time.
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Postby newarenanow on Wed Apr 12, 2006 2:35 pm

FuturePens wrote:Because of Lemieux's request to find an owner that wants to stay in Pittsburgh, Pens will, do to respect, and all the hard work that Lemiuex has given to the Pens, ONLY make offers to those who seriously want to stay here in Pittsburgh !


Don't count on it. Money talks and the investors will not take a giant hit because Lemieux wants them to stay in Pittsburgh.
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Postby pensrule on Wed Apr 12, 2006 4:11 pm

newarenanow wrote:
FuturePens wrote:Because of Lemieux's request to find an owner that wants to stay in Pittsburgh, Pens will, do to respect, and all the hard work that Lemiuex has given to the Pens, ONLY make offers to those who seriously want to stay here in Pittsburgh !


Don't count on it. Money talks and the investors will not take a giant hit because Lemieux wants them to stay in Pittsburgh.


Giant hit! Are you serious? The investors contributed a total of about $35 million, even if the team stays in Pgh, it will sell for around $110 - $130 million.
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Postby HomerPenguin on Wed Apr 12, 2006 4:15 pm

pensrule wrote:
newarenanow wrote:
FuturePens wrote:Because of Lemieux's request to find an owner that wants to stay in Pittsburgh, Pens will, do to respect, and all the hard work that Lemiuex has given to the Pens, ONLY make offers to those who seriously want to stay here in Pittsburgh !


Don't count on it. Money talks and the investors will not take a giant hit because Lemieux wants them to stay in Pittsburgh.


Giant hit! Are you serious? The investors contributed a total of about $35 million, even if the team stays in Pgh, it will sell for around $110 - $130 million.


This team won't stay in Pittsburgh without a new arena. It simply won't. Anybody who thinks otherwise should pass around the crack pipe because they're bogarting all the good stuff.
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Postby newarenanow on Wed Apr 12, 2006 5:30 pm

pensrule wrote:
newarenanow wrote:
FuturePens wrote:Because of Lemieux's request to find an owner that wants to stay in Pittsburgh, Pens will, do to respect, and all the hard work that Lemiuex has given to the Pens, ONLY make offers to those who seriously want to stay here in Pittsburgh !


Don't count on it. Money talks and the investors will not take a giant hit because Lemieux wants them to stay in Pittsburgh.


Giant hit! Are you serious? The investors contributed a total of about $35 million, even if the team stays in Pgh, it will sell for around $110 - $130 million.


Let me ask you; if an out of town buyer offers you $200M to take the team out of town or $130 to keep the team in town, do you think the investors will not move the team, even if Mario asked them not too.

I know they will make money either way, what I ment by giant hit is, an out of town investor will offer a hell of a lot more money than one that wants to keep it in town. Will the investors take less money? If it is significant, I don't think so.

And they will not stay w/o a new arena deal.
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Postby pensrule on Wed Apr 12, 2006 10:32 pm

newarenanow wrote:
pensrule wrote:
newarenanow wrote:
FuturePens wrote:Because of Lemieux's request to find an owner that wants to stay in Pittsburgh, Pens will, do to respect, and all the hard work that Lemiuex has given to the Pens, ONLY make offers to those who seriously want to stay here in Pittsburgh !


Don't count on it. Money talks and the investors will not take a giant hit because Lemieux wants them to stay in Pittsburgh.


Giant hit! Are you serious? The investors contributed a total of about $35 million, even if the team stays in Pgh, it will sell for around $110 - $130 million.


Let me ask you; if an out of town buyer offers you $200M to take the team out of town or $130 to keep the team in town, do you think the investors will not move the team, even if Mario asked them not too.

I know they will make money either way, what I ment by giant hit is, an out of town investor will offer a hell of a lot more money than one that wants to keep it in town. Will the investors take less money? If it is significant, I don't think so.

And they will not stay w/o a new arena deal.


I completely agree that noone will keep the team here without a new arena. Unless Mario really has it in for the city, he won't finalize any sale until the arena mess is worked out. That's the assumption I'm going on. Therefore, if the IOC wins great they stay. If not, as long as slimey Eddy gets his FC boys to signoff on the $7.5 million annual contribution, plab B is a solid reason to sell to anyone who will keep the team here.

I doubt there would be such disparity in value (your hypothetical suggestion of $200 million vs. my best guess of $130 million) between an out of town buyer and someone who will keep the team here.
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Postby 25+66+22=#1 on Wed Apr 12, 2006 11:19 pm

I wish someone on this board would invent something and become a billionaire now. It would be so much fan to have a true fan own the team.
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