Lease Says Penguins Will Stay in Rink
Aug. 01, 1999
PITTSBURGH (AP) _ An agreement between new owner Mario Lemieux and investor Morris Belzberg assures the Pittsburgh Penguins will stay in their Southpointe practice rink.
Known as Iceoplex, the rink is owned by the same parent companies that formerly owned the bankrupt Penguins but was not included in Lemieux's reorganization of the team.
Lemieux's takeover is in the paperwork stage and is expected to be finalized in a week to 10 days.
Under the tentative agreement, the Penguins will continue to practice at the Washington County rink, which will be owned by Belzberg. The Penguins also will share in advertising revenues at the rink.
Belzberg was one of Howard Baldwin's original investors when Baldwin bought the Penguins in 1991. Belzberg also has joined Lemieux's group, contributing $2 million of the $50 million Lemieux will use to purchase the team.