Agreement Reached for Selling Penguins

Pittsburgh Penguin owner Edward DeBartolo announced Wednesday that he had reached an agreement to sell the NHL Stanley Cup champions to former owners of the Minnesota North Stars.

DeBartolo, an Ohio-based real estate magnate who has owned the club since 1977, agreed to sell the Penguins to an investment group headed by California investor Harold Baldwin and Chicago businessman Morris Belzberg, who said they plan to keep the team in Pittsburgh. The sale is expected to be completed by the end of the month, subject to approval by the NHL board of governors.

Details of the sale were not announced, but industry analysts speculate that the team and the rights to operate Pittsburgh’s Civic Arena, where the Penguins play, are worth about $55 million.

Baldwin, who was formerly the chairman of the Hartford Whalers, once owned the North Stars with Belzberg.