Today In Penguins History (9/1/99)

Today in Penguins history marks the 20th anniversary of one of the most pivotal moments in franchise history.  On September 1, 1999, the NHL approved Mario Lemieux as the new owner of the team, making him the first ex-player in the modern era to own his former team, in any sport.

As a huge step to keeping the team in Pittsburgh, the NHL Board of Governors voted unanimously to allow Mario and his ownership group the opportunity to own and operate the team.  Because the Penguins organization had filed for bankruptcy protection in 1998, the NHL approval marked a key moment in convincing the courts to allow a subsequent sale to go through.  Many hurdles had to be overcome in order to get this deal done including renegotiating lease agreements on the Civic Arena, fighting off creditors, working out sponsorships, and even finalizing a new TV agreement.

Mario worked night and day leading up to the meeting with the Board so that no questions would be left unanswered as to the viability of the franchise going forward.  In all, his ownership group paid $52M.  Lemieux agreed to convert his previously defaulted contract of $26M into a future interest in ownership of $20M, erased the remaining $6M in back pay, invested another $5M of his own money, and agreed to a salary of $750,000 to serve as chairman, president, and CEO.  Mario wanted this team to stay in Pittsburgh and the city owes him a debt of gratitude.  While there were quite a few rough seasons in his first 10 years of ownership, three Stanley Cups later, the Penguins continue to remain one of the most successful franchises in the NHL.