The Pittsburgh Penguins are looking into a possible sale of the National Hockey League franchise and hired Morgan Stanley to review their options, Bloomberg News reported yesterday. NHL Hall of Famer Mario Lemieux and Ron Burkle bought the team out of bankruptcy in 1999 for $85 million. Forbes magazine ranked the Penguins as the NHL’s 10th most-valuable franchise at $565 million in 2014. “Because we have received several inquiries about the franchise in recent years, we decided to engage Morgan Stanley for their insight and counsel,” Lemieux and Burkle said in a joint statement. “After buying the team out of bankruptcy, ensuring its long-term future in Pittsburgh and creating a strong foundation for continued success, we believe it is time to explore our options.”
