Baldwin Won't Leave Pens $ Woes

Pittsburgh Penguins co-owner Howard Baldwin said his role will be reduced to minority partner once the franchise emerges from bankruptcy.

Baldwin said co-owner Roger Marino wanted to buy out most of his share in July for a "good sum of money," but Baldwin chose to stay on until the team settled its financial problems.

Marino likely will form a partnership with another individual or with a group after he steps aside, Baldwin said.

Baldwin, a movie producer who lives in Los Angeles, was the Penguins' primary owner from November 1991 until Marino assumed control of day-to-day operations in February.

"I could have taken my money and run," Baldwin said. "But I want to be part of making this thing right. Then, whether I stay or not is irrelevant. ... I don't want my legacy to be the way the thing is now."

The Penguins slipped into bankruptcy just as the NHL season began, citing debt amounting to as much as $124 million -- or more than the estimated $75 million to $95 million the franchise is worth.

Baldwin has been blamed for plunging the team into financial disarray by signing too many players -- including Mario Lemieux, Tom Barrasso and Kevin Stevens -- to long, deferred contracts far above market value.

"The problem, pure and simple, is that revenues dropped last year," Baldwin said. "The fact of the matter is that during the decade of the 1990s, this was a pretty well-run, successful franchise. Did we at times have too high a payroll? No question. We thought revenues would keep up. They didn't."

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