Penguins reject bid to buy team by Cuban and Marino

The high bidder was Sam Fingold who offered about $175 million.
PITTSBURGH (AP) -- The Pittsburgh Penguins have rejected a bid to buy the team that had been put together by a group that included Dallas Mavericks owner Mark Cuban and former NFL quarterback Dan Marino, the group's financier said.
The group, headed by New York City financier Andrew Murstein, had increased its offer to more than $170 million on Friday, which was as high as the group intended to go, Murstein told the Pittsburgh Tribune-Review.
The Tribune-Review and the Pittsburgh Post-Gazette, which cited sources close to negotiations for the team's sale, said the high bidder is Sam Fingold, a Hartford, Conn., real estate developer.
Fingold offered about $175 million, the Post-Gazette reported, and could sign a letter of intent within days.
Others are interested
Several other parties are also interested, including Lawrence Gottesdiener, a Boston area businessman with several real estate holdings in Hartford. Gottesdiener's Northland Investment Corp. has said it committed to bringing an NHL franchise back to Hartford. The Hartford Whalers left the city in 1997 for North Carolina, where they became the Carolina Hurricanes.
While the group involving Cuban and Marino had expressed interest in keeping the team in Pittsburgh, Fingold has ties to Kansas City, which has indicated it would like an NHL team.
Despite being based in Hartford, Fingold has said he would not move the team there. "I'd rather buy a team and put it in another city than have it in Hartford and deal with [Mayor] Eddie Perez, because I don't think he quite understands all the economics associated with bringing a team to the city," Fingold told the Hartford Courant earlier this month. "You think Hartford should spend $290 million on a new arena vs. trying to figure out how to fix the school system and cut down crime?"
Penguins officials have said they would like to see the team stay in Pittsburgh.
The Penguins have partnered with Isle of Capri Casinos, one of three casino operators vying for the city's sole slots license, on an arena plan. Isle of Capri said it will pay $290 million for a new arena if it gets the license.
Gov. Ed Rendell has put forth a funding plan calling for $7.5 million a year toward a new arena from either of the other two casino groups, Forest City and PITG Gaming, should either win the license.
The Penguins owners hope to complete the sale before the season begins. The team's lease at Mellon Arena, the oldest and smallest facility in the NHL, expires in June.
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