Context
On Wednesday 3 June 2015, the Pittsburgh Penguins released a statement announcing that owner Mario Lemiuex and Ron Burkle were exploring the option of selling the franchise. For that purpose, Lemiuex and Burkle hired the wealth investment firm Morgan Stanley to "oversee a review of their strategic options", including shopping the franchise.
In a joint statement, Lemiuex and Burkle said, "because we have received several inquiries about the franchise in recent years, we decided to engage Morgan Stanley for their insight and counsel. 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.”
Lemiuex added that, "Our goal all along was to solidify the franchise both on and off the ice. Our star players are signed to long-term contracts, they’ve got a deep and passionate base to support them, and I believe the Penguins are well-positioned for the future. Regardless of what happens, I plan on staying involved with the team in some capacity, and Ron and I plan to retain an ownership stake.”[1]
Lemieux and Burkle do periodic reviews about the state of the team's business, and had received "several inquiries" about the franchise over the years. They nearly sold the team in 2006 to Canadian billionaire Jim Balsillie, who was unable to reach agreement with the NHL on final terms of the deal.[2]
As of 2015, Forbes estimated the Penguins franchise to be worth $560 millions.[3]
2016
As of Thursday 13 October 2016, Lemiuex and Burkle are no longer looking to sell the franchise. It is unclear why they explored this venue beyond that they felt the future of the franchise was secured, which was their goal when they saved the team from bankruptcy in 1999.