The process of buying an NHL franchise is long and arduous, and the sale of the Penguins will be no different.
Industry experts, including a former Penguins counsel, contend they are not at all surprised little has surfaced regarding the sale as the calendar flips to September. Primary owners Mario Lemieux and Ron Burkle retained Morgan Stanley in June to begin the process of exploring a sale, but virtually no significant information has emerged since.
“I’m not surprised at all, because these are very valuable assets and there are complications, particularly if the buyer is someone who hasn’t been involved in professional sports in the past,” said Bob Caporale, a former Penguins lawyer and founding partner at Game Plan, a sports finance, investment banking and consulting firm.