Lemieux Owns Penguins!

May 25, 1999 / 8:28 PM EDT / CBS/AP

Mario Lemieux owns six scoring titles, two Stanley Cups and several NHL records. Now, he Lemieux also owns the Pittsburgh Penguins.

Less than 2 1/2 years after playing his final game, Lemieux who brought championship trophies to a once-troubled Pittsburgh franchise and battled back from Hodgkins' disease got the hat trick Friday when a bankruptcy judge made him the first retired player to become owner of a major sports team for which he played.

It took U.S. Bankruptcy Judge Bernard Markovitz a few minutes to consummate a $95 million closing that gave the franchise to Lemieux, ensuring the Penguins will stay in Pittsburgh.

"Now the puck's on Mr. Lemieux's stick and we've all seen what he's been able to do with that," Markovitz said

Less than an hour later, Lemieux appeared in a business suit and was introduced to the media as the new owner. He began his new career by lowering ticket prices on 3,500 seats at the Civic Arena and announcing the creation of a section of seats where families can buy tickets at reduced prices.

General manager Craig Patrick will run the hockey side of the organization; Lemieux promised he will stay on the business side of things.

Unless somebody wants to know what the Hall of Fame center has to say.

"If he wants me to, I'll be glad to give him my opinion," Lemieux said, smiling.

There was little to smile about in the days leading up to final approval of the deal. Negotiations over a deal at the Civic Arena were breaking down with SMG, the Philadelphia-based group that leases the facility and rents space to the team.

The deal was finalized in a conference call Wednesday among Lemieux's group, SMG, the governor's office and U.S. Sen. Rick Santorum. SMG will invest $5 million in the team and Lemieux will pay $1.5 million in debts to the arena management company.

SMG will lease space to the team until 2004, after which time SMG's role would be reduced if the team is still playing at the 38-year-old facility. Lemieux said he wants a new facility, but said it was not an immediate priority.

"It's one thing to bring the team out of bankruptcy," Lemieux said. "We have to make it viable now. Hopefully, we can make this a great success story."

SMG attorney Daniel Shapira said the two parties, who have had a rocky relationship, would be forced to get along now.

"Hopefully, the Penguins will thrive and survive in Pittsburgh," Shapira said.

Last October, former co-owner Roger Marino took the franchise into bankruptcy court for protection from creditors. Lemieux, who had sued Marino for some $30 million in salary by the Penguins, became the head of a committee of creditors.

A few months later, he was putting together a bid for the team.

On June 24, Markovitz whose only options were to approve the Lemieu plan or sign off on an alternative proposal that could have moved the franchise gave Lemieux the go-ahead. Lemieux said at the time he felt "like a rookie again."

Lemieux has more than a dozen investors in his group, with about $52 million raised so far. He has the largest stake of all the owners, most of it coming in the deferred salary he was owed from the team.

"I'm not a businessman just yet, but everyone can learn," Lemieux said.

The Penguins begin training camp Saturday.

"It's a new era," said Patrick, adding he was worried about the prospect of starting training camp without the deal being finalized. "I was afraid if this wasn't done, where the funds were coming from."

"I'm excited to be back," Lemieux said.