The news last week that the team's current ownership has hired Morgan Stanley to explore its options could be the first step to another twist in this franchise's fascinating history.
Theories abound. Canadian media reports suggest the partnership of Ron Burkle and Lemieux has become less harmonious in recent years. This claims there have been disagreements over how to run the Penguins.
The issue there is why Burkle, who made his fortune in the grocery business, would not defer to Lemieux on hockey decisions.
Conflicting reports claim that either partner is the one pushing the decision to explore a sale.
The idea is that Burkle, who initially invested $20 million, is simply anxious to take his profit and move on to other adventures.
At the same time, it's believed that as Lemieux faces turning 50 in October, he'd rather cash out and enjoy a leisurely life free of the pressures of running a pro sports franchise.
Lemieux's four children are out of the house (so is Sidney Crosby, for that matter), and there's little else to tether him to western Pennsylvania and his Sewickley mansion. Canadian outlets have reported that Lemieux spent $20 million to build a 20-room/10 bathroom castle in the ski resort town of Mont Tremblant, north of Montreal.
Forbes magazine has pegged the Penguins' value at just short of $600 million. Those figures are always theoretical until real market value is established by actual bidding, but that's probably the correct neighborhood.
Lemieux could walk away with a sum that's easily into nine figures. That could make for a lot of enjoyable sunny afternoons on the golf course, a much more peaceful existence than fretting about the team's power play problems.
Lemieux has become such a mythical figure that it's easy to lose track of how he came to be involved in ownership. Taking equity in the franchise was his best chance to recover the money the previous owners owed him after declaring bankruptcy.
Burkle, who had no connection to Pittsburgh or any known affinity for hockey, became involved because some additional cash was needed. As an investor, he's worked out better than Roger Marino.
It's been suggested the Penguins are seeking something similar to the restructuring of ownership that the Steelers undertook a few years ago. That's incorrect. The Steelers changes were at the insistence of the NFL, and the Rooneys were careful to set things up so that they retained control of the franchise and its day-to-day operations.
Dan Rooney and Art Rooney II are in the office every day, and they still call the shots.
Although the statement from Lemieux and Burkle said both would like to maintain some stake in ownership, it's doubtful that would amount to more than a token presence. Old timers might remember when Bing Crosby (he was an entertainer, kids) owned a small piece of the Pirates.
If the franchise is sold, someone else will be running the Penguins, and that opens up some interesting possibilities.
The NHL has traditionally done a lousy job of vetting owners. Bruce McNall (Kings), John Spano (Islanders), Paul Greenwood (Islanders) and John Rigas (Sabres) have all served prison time for financial misdeeds. William "Boots" Del Biaggio, who had an agreement to purchase the Penguins in 2005, was sentenced to eight years in prison for bilking investors.
Howard Baldwin, whose personal cash investment in the Penguins was $1,000, took the team to bankruptcy.
There is absolutely no interest in moving the franchise. Pittsburgh is a strong market for a league that has real problems in too many other places. There's a long-term arena lease tilted so heavily in the Penguins' favor that former Gov. Ed Rendell should have sealed it with a kiss.
Don't worry about the Penguins' zip code. They're staying put.
But with last week's announcement, just about everything else is potentially up for grabs.
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--MUST-HAVE ITEM
Giveaways at baseball games have evolved from the early days of bats, baseballs and caps.
Sunday will be Andrew McCutchen Compression Sleeve Day at PNC Park.
Just a heads-up before the kids start nagging.
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--HERE WE GO, STONES
Commerce makes strange bedfellows sometimes.
For proof, just look at the giant banners hanging from the side of Heinz Field: They display the Rolling Stones' famous tongue logo done in black and gold.
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