Monday, December 18, 2006
Canadian Brewery Looks at Pittsburgh Penguin Purchase
Steelback Brewery owner Frank D'Angelo wants to expand his empire into sports and now that negotiations between the Pittsburgh Penguins, the National Hockey League and Canadian billionaire Jim Balsillie have fallen apart, D'Angelo might get his chance.
Over the summer D'Angelo made an attempt to become owner of a new Ottawa franchise in the Canadian Football League. That effort failed, but D'Angelo and billionaire partner Dr. Barry Sherman have turned their attention to the Pittsburgh Penguins.
The NHL thought it had a buyer for the Penguins and Balsillie had a letter of agreement in place to buy the club for an estimated $175 million from the ownership group headed by Hall of Famer Mario Lemieux. The future of the club in Pittsburgh hinges on the construction of a new arena, which itself hinges on approval of a casino in the city to help fund the construction costs.
D'Angelo has told the media he would keep the team in Pittsburgh.