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GROUP LED BY SAM FINGOLD SIGNS 'LETTER OF INTENT' TO BUY PENGUINS

Friday, 07.28.2006 / 12:00 AM / News
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GROUP LED BY SAM FINGOLD SIGNS \'LETTER OF INTENT\' TO BUY PENGUINS

A group led by Sam Fingold has signed a letter of intent to purchase the Pittsburgh Penguins, it was announced Friday by Penguins CEO Ken Sawyer.

“The letter of intent, which was signed today, means that Sam and his group have exclusive negotiating rights in order to reach a purchase agreement,” Sawyer said.

Fingold, 34, is principal of Kenyon Investments, a commercial real estate firm in Hartford, Ct., specializing in many major renewal and development projects. He is a native of Toronto, Ont.

“As passionate hockey fans, we are excited about this opportunity to purchase the Pittsburgh Penguins,” Fingold said. “We agree with the current ownership group that the Penguins should remain in Pittsburgh, and that a new arena is crucial to the team’s long-term success.

“So many of the elements for success already are in place here, including a loyal fan base and a spectacular core of young talent, led by Sidney Crosby. The Penguins are an important part of Pittsburgh’s sports landscape, and it is our objective to do everything possible to secure their future here.”

Sam Fingold’s group includes two other family members – his father, David, and his brother, Michael – as well as Michael Cohl, founder and Chief Executive Officer of Concert Productions International, one of the most successful concert promoters in the world.

The Penguins’ current ownership group is the Lemieux Group Limited Partnership, led by Mario Lemieux and Ronald Burkle. The two groups have signed a confidentiality agreement, meaning that there will be no further comment until a purchase agreement is reached.

Once a purchase agreement is completed, the sale process enters the “approval” stage  –  a period expected to last several months, in which the National Hockey League must give its approval to the new ownership group.

“It was encouraging to have so many groups expressing interest in the Penguins during this process, and we are delighted to have Sam Fingold’s group sign a letter of intent,” Sawyer said. “Sam and his family have a tremendous background in business and investments, and, just as importantly, they have hockey in their blood. We look forward to working with them to complete the purchase agreement, and to achieve their goal of keeping the Penguins in Pittsburgh for the long term.”

 

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