Monday, May 08, 2006

Torontonian wants to move Penguins to KC

Wow! You knew there was going to be a twist. A Toronto businessman, David Fingold, and his son Sam, want to buy the Pittsburgh Penguins and move the franchise to KC, if Isle of Capri isn't awarded the Pittsburgh-area slots license.

The Penguins are currently for sale.
Torontonian may move Penguins
Fingold might take club to Kansas City
Team's `great investment,' says magnate

I was starting to get complancent, as were many Penguins fans, because it looked like Pittsburgh solved their arena issue. And, that no NHL team may be available to move into the Sprint Center in 2007.

Not so fast.

"What we would get with the Penguins would be an affordable franchise and a portable one," Sam Fingold said in an interview. "We think this could be a great investment."

Fingold says the franchise is worth $120 - $130 mil if it stays in Pittsburgh, but $150 mil if a potential owner buys it to move it.

The Fingolds are Canadian real estate developers.

The article also says that at least six franchises are up for sale.

As the NHL moves into the playoff mode, after the first season following the league's season-long lockout, investment bankers who specialize in the pro sports business say that, strong attendance figures and TV ratings aside, at least a half-dozen franchises are up for sale.

While the owners of teams such as the Atlanta Thrashers, Nashville Predators and Phoenix Coyotes would certainly entertain buyout offers, the Penguins may present the most compelling package for interested parties.

Which is simply stunning because of the NHL's new CBA and that Atlanta, Phoenix and Nashville operate the building in which they play, therefore generating revenue from events other than hockey games. They would not operate the building in KC.

I guess it goes to show that a guy on the outside of professional sports looking in has no idea what these mega-wealthy folks are thinking/plotting/scheming.


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