Penguins won't march: Deal reached for new arena
Hockey Betting Lines
03/14/2007 - Pittsburgh, PA (Sportsbook Betting Lines) - The Pittsburgh Penguins announced on Tuesday that they have reached an agreement with city, county and state officials for the financing of a new arena that will keep the club in the Steel City for the next 30 years.
At a cost of $290 million, the new building will be constructed across the street from Mellon Arena, home to the Pens since the team's 1967 inception. Team officials expect the new arena to be ready for the start of the 2009-2010 season. The club will play at Mellon until then on a short-term lease extension.
"This is another great step forward for the City of Pittsburgh and our region," said mayor Luke Ravenstahl. "We all worked very hard to ensure that the Penguins would stay here in Pittsburgh, and to provide a new 21st century entertainment center for our city without using local taxpayer dollars."
The Penguins' lease at the 46-year-old facility, nicknamed "The Igloo," which is the oldest rink remaining in the league, was to expire on June 30, at which point the team would have been free to leave.
The city-county Sports & Exhibition Authority will own the new arena, which will be operated by the Penguins, under the terms of the 30-year lease. The state will pay $7.5 million annually from a state economic development fund and slot machine revenues.
Don Barden, who owns Majestic Star Casino LLC, has been awarded the slots license for Pittsburgh, and will pay $7.5 million a year. The team itself will pay $3.8 million a year as well as $400,000 a year in capital improvements. The Penguins, who will be responsible for paying all operating costs, will also receive all revenue generated by the new arena.
Mediated by NHL commissioner Gary Bettman, the agreement was reportedly reached last Thursday in Philadelphia between club co-owners Mario Lemieux and Ron Burkle, PA governor Ed Rendell, Ravenstahl, and Allegheny County chief executive Dan Onorato.
Before the deal was struck, Lemieux threatened to relocate the team and trips to Las Vegas and Kansas City ensued. Kansas City offered the use of its yet-to-be completed Sprint Center rent-free if the Penguins decided to relocate there prior to the start of next season.
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