from Mike Ozanian of Forbes,

The sale price of the Pittsburgh Penguins is heading south. Morgan Stanley is on the verge of botching the sale–probably by overhyping it at the get-go.

While there have been reports in recent days that owners Mario Lemieux and Ron Burkle want $750 million for the NHL team, those reports are wrong, written by folks who know nothing about how team sale prices are calculated.

Team values should be calculated as enterprise values. That is, the value of the team and the economics of its arena are the sum of equity and net debt. Period.

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