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Elliotte Friedman drops new update on the Penguins' stalled ownership process
Photo credit: PPG Paints Arena shown with fans outside
NHL insider Elliotte Friedman provided some clarity on recent reports about a stalled Penguins ownership sale, saying he believes it will still get done.
Current owners Fenway Sports Group have remained rather mum since June, creating further speculation from both fans and analysts alike.
What radio host Mark Madden recently said about the Penguins sale
Last week, Pittsburgh radio host Mark Madden suggested the sale to the Hoffman Group was off, citing cash concerns.
"I'm hearing the Penguins sale to the Chicago group is dead. Not enough cash on hand. I'm also told FSG is OK with that," Madden tweeted.
News of a potential sale first broke over the summer, when early estimates put the value of the team at about $1.75 billion, and a closing was expected to be near Labor Day.
The Lemieux Group, which included former owners Mario Lemieux and Ron Burkle, had tried to buy the Penguins in June.
Complicating matters, the Penguins have seen lower attendance this season, and FSG declined to extend development rights on some of the surrounding plots of land, returning those to local authorities.
Why Elliotte Friedman hasn't given up hope on the sale to the Hoffmann Group just yet
Elliotte Friedman of Sportsnet, who first reported the Hoffman interest in August, put forth a different report in his 32 Thoughts column.
"What I can confirm is this process has taken longer than expected and is more difficult than the current owners Fenway Sports Group hoped," wrote Friedman. "The Hoffmans do remain in their exclusive negotiating window and are moving forward to close. We will see."
- Elliotte Friedman
- Elliotte Friedman
Developed parcels, including the site of the First National Bank building and a soon-to-open concert venue, remain under the team's ownership.
The situation remains fluid, with insiders continuing to monitor negotiations closely. We'll continue to track the Penguins' ownership journey as it develops, keeping fans updated on every new development.
Previously on HockeyUnplugged
| POLL | ||
NOVEMBRE 28 | 69 ANSWERS Elliotte Friedman drops new update on the Penguins' stalled ownership process Do you still prefer having Mario Lemieux as owner of the team? | ||
| Yes | 67 | 97.1 % |
| No | 2 | 2.9 % |
| List of polls | ||