Penguins' Feud Could Be Resolved
Aug. 24, 1998
PITTSBURGH (AP) _ The ownership feud that has plagued the Pittsburgh Penguins for three months could be resolved today after co-owners Howard Baldwin and Roger Marino meet with NHL executives in New York.
By the end of the afternoon, a settlement is expected that will either involve the sale of most of Baldwin's share of the team to Marino or an agreement for the two to set aside their differences during the upcoming season, the Pittsburgh Post-Gazette reported.
Talks reached a stalemate about two weeks ago over several issues, possibly over the amount of compensation Baldwin will receive, the newspaper reported.
Marino paid $40 million to buy into the team 15 months ago and has reported losses of $37.5 million since. Baldwin has said he will not sell his share until he is certain the Penguins will not file for bankruptcy.
NHL Commissioner Gary Bettman will meet with the co-owners today after they first discuss their proposals with William L. Daly, his vice president of legal affairs.
The Penguins face lawsuits from Spectacor Management Group, operators of the Civic Arena, and from retired star Mario Lemieux, both for failure to make payments.