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The Real Reason Mario Lemieux Wants to Buy Back the Penguins Revealed
Mario Lemieux is pushing to buy back the Penguins, and according to The Athletic's Josh Yohe, NHL expansion is a big reason behind that push for the franchise icon.
The Pittsburgh Penguins have been struggling mightily in recent years, but despite that, there's now a red-hot battle raging for ownership of the team, with franchise icon Mario Lemieux heading a group that wants to buy back the team from current owners Fenway Sports Group.
That's a topic that has been broached by The Athletic's Josh Yohe, who has revealed all on the current situation, including the reason why Lemieux and the people behind the group want to buy back the team so desperately.
Burkle is the money man in the Lemieux ownership group and would be forking over the majority of the capital if a deal is struck. According to Forbes, Burkle's net worth is approximately $3.3 billion.
So, why would Lemieux, Burkle and Morehouse want to buy back the team for more than they sold it for, and so soon after selling it?
Expansion, for one. The NHL is expected to grow within the next couple of years - it's widely believed that it will expand by two teams, with Houston and Atlanta being commonly cited as potential destinations. Expansion teams, according to a recent report from Sportico, would likely pay around $2 billion each for the right to enter the league. That money is distributed to the teams. Do the math. That's $125 million for each of the 32 existing NHL teams' owners if they expand by two franchises.
FSG is very aware of that. So, too, are Lemieux, Burkle and Morehouse.
So, why would Lemieux, Burkle and Morehouse want to buy back the team for more than they sold it for, and so soon after selling it?
Expansion, for one. The NHL is expected to grow within the next couple of years - it's widely believed that it will expand by two teams, with Houston and Atlanta being commonly cited as potential destinations. Expansion teams, according to a recent report from Sportico, would likely pay around $2 billion each for the right to enter the league. That money is distributed to the teams. Do the math. That's $125 million for each of the 32 existing NHL teams' owners if they expand by two franchises.
FSG is very aware of that. So, too, are Lemieux, Burkle and Morehouse.
Will the NHL continue their expansion over the next five years?
Expansion has been one of the hottest topics in the NHL as of late, and while nothing is imminent, with several groups around North America preparing to pay the massive expansion fee that Gary Bettman and the NHL have demanded, it's a matter of when, not if the league go beyond 32 teams.
Unfortunately for Lemieux, FSG, the current owners of the Penguins are well aware of the money that expansion will bring to every owner around the NHL, but with a connection to the team and 22 years of ownership before selling to FSG, there would be many benefits of him buying the team back, so expect him to be very aggressive in doing so.
| POLL | ||
JUILLET 30 | 96 ANSWERS The Real Reason Mario Lemieux Wants to Buy Back the Penguins Revealed Will Mario Lemieux buy back the Penguins before next season? | ||
| Yes | 71 | 74 % |
| No | 25 | 26 % |
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