Kukla's Korner Hockey

Kukla's Korner Hockey

Not Much News On The Sale Process Of The Pittsburgh Penguins

08/31/2015 at 7:37am EDT

from Jenny Menendez of the Pittsburgh Post-Gazette,

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. “It may take time to do their due diligence. Frankly at this time of year, as you know vacations and so forth will always slow things up. I’m sure in the fall things will get more active.”

Caporale was the lead attorney for the Penguins from 1991-97, and the club’s Alternate Governor to the NHL during Howard Baldwin’s controversial tenure as owner.

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

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