Pittsburgh Post Gazette
Bidders for Penguins lining up help from celebrities
July 01, 2006

Andy Murstein isn't the only Penguins bidder who has recruited a famous native son and hopes to keep the hockey club in town.

While Murstein, president of Medallion Corp. in New York, has added billionaire Dallas Mavericks owner Mark Cuban and former Pitt and Miami Dolphins Hall of Fame quarterback Dan Marino to his group, Ohio businessman Jim Renacci has recruited Denver Nuggets coach George Karl.

Karl, a Penn Hills native and longtime basketball coach, told the Denver Post yesterday that he would invest about 10 percent if Renacci's bid is accepted. That could add up to $15 million or more, considering the winning offer for the Penguins is expected to top $150 million.

"I love Pittsburgh. I'm proud of just being a Pittsburgh person," Karl said. "We're just trying to keep the civic pride of Pittsburgh, and if we can help it by being business partners, we'll do it."

Karl said he and Renacci have known each other for years and have been business partners on various ventures. The two currently are involved in a Harley Davidson dealership and a golf course, both in Columbus, Ohio.

Karl said he wouldn't get involved in Penguins operations, at least not until he retires from coaching, but wanted to join Renacci to help financially and in public relations.

"For me, it's exciting that it looks like we're going to keep the Penguins in town, whether it's [Murstein's] group or whoever," said Karl, who certainly isn't getting involved out of passion for the game.

"I've never understood hockey. I've never played hockey. People tell me it's a lot like fastbreak basketball and power basketball because they throw it in front of the net and try to tip it in. I just know when I watch the [Colorado Avalanche] play and I watch the Stanley Cup [playoffs], it seemed a lot speedier."

Renacci, who grew up in the Mon Valley, is the mayor of Wadsworth, Ohio, near Akron, has a stake in several other companies and owns the Columbus Destroyers of Arena Football. He would probably keep his stake in that team if he buys the Penguins.

A Steelers season ticket holder, Renacci has said his goal is to keep the Penguins in Pittsburgh. He could not be reached.

Murstein, who is believed to be lining up additional local investors, is known to have made a formal bid to Allen and Company of New York, which is brokering the sale and could begin paring the number of bidders next week.

Marino, who grew up in Oakland, is expected to make a six-figure investment if Murstein's bid wins out. Cuban is expected to invest significantly more, but would still be a minority owner and wouldn't be heavily involved in day-to-day operations.

Also on Murstein's team is Shadyside real-estate firm Walnut Capital.

Other players in the Penguins' sale process include Hartford businessman Sam Fingold, who has ties to Kansas City, and Boston area businessman Lawrence Gottesdiener, who might explore moving the Penguins to Hartford if they don't get a deal for a new arena.

Hollywood producer Jerry Bruckheimer might also have some interest, and the owners of the minor-league Manitoba Moose have said they will pursue the Penguins if there comes a time when the team could freely be moved to Winnipeg.

Anyone who buys the Penguins is bound to the club's agreement with Isle of Capri, a gaming company that is one of three finalists for the city's slots license.

If Isle of Capri gets the license, it will donate $290 million for a new facility to replace outdated Mellon Arena, and the Penguins will be staying. If not, there is a plan for a new arena outlined by Gov. Ed Rendell, but new owners would not be bound to it.

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