Penguins owners face obstacles in bid to sell team
An unsettled North American economy and uncertainty over the future of the Canadian dollar are two likely reasons why the Pittsburgh Penguins will face a tough road in finding a buyer for the team, TSN reported on Wednesday.
In addition, the asking price of $750 million - a record for a United States-based NHL team - also may keep bidders at bay, according to the report. Drew Dorweiler, a Montreal economist, knows a thing or two about estimating franchise values as he previously had been hired by both the Toronto Maple Leafs and Vancouver Canucks to do precisely that.
"It does seem a bit steep with the economy and for that market," Dorweiler told TSN's Rick Westhead. "Pittsburgh is certainly not one of the largest cities in the U.S."
NHL deputy commissioner Bill Daly dismissed the notion to TSN in an email that currency swings would impact the sale of the Penguins, who have Mario Lemieux and Ron Burkle as the team's primary owners. The duo made its intentions known of selling the team in June.
The Penguins were worth an estimated $565 million by Forbes Magazine last year but since have added offseason acquisition Phil Kessel to go along with two-time Hart Trophy winner Sidney Crosby and superstar Evgeni Malkin. A thriving television contract with ROOT Sports has also buoyed Pittsburgh, which has led the league for six straight seasons among average viewership among U.S.-based NHL teams.
The league reportedly desires $500 million apiece for expansion teams, although Forbes reported that Florida Panthers were sold for $160 million in 2013.
(h/t TSN)
