Staff And Wire Reports
The sale of the Pittsburgh Penguins has apparently reopened, but Lawrence R. Gottesdiener is no longer bidding.
Hartford real estate developer Sam Fingold, who signed a letter of intent to purchase the team in July, has been unable to complete the deal. Sources told the Pittsburgh Post-Gazette that the Penguins are again looking for a buyer among Fingold, New York businessman Andrew Murstein, Ohio businessman and Pittsburgh area native Jim Renacci and an unnamed bidder from Canada.
According to the Post-Gazette, Gottesdiener is no longer bidding. Gottesdiener was reportedly runner-up to Fingold's $175 million bid in July.
Gottesdiener's company Northland Development Corp., has more than $500 million invested in Hartford. He has vowed to purchase an NHL team and move it to a new arena in Hartford.
But the Penguins are bound to an agreement with the Isle of Capri Casino. If the company is awarded a slot license in Pittsburgh, it will pay $290 million toward a new arena. Another arena plan is being formulated, so the franchise might be impossible to relocate.
