The Pittsburgh Penguins confirmed today that they have engaged Morgan Stanley to oversee a review of their strategic options.
Mario Lemieux and Ron Burkle lead the partnership that has owned the Penguins for the past 16 years – a tenure highlighted by winning the Stanley Cup in 2009 and opening a state-of-the-art arena, CONSOL Energy Center, in 2010.
"We conduct periodic reviews of our business and, 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."
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