Penguins reportedly reject Cuban-Marino group's bid

Updated: July 22, 2006, 7:06 PM ET
ESPN.com news servcies

PITTSBURGH -- The Pittsburgh Penguins have rejected a bid to buy the team that was put together by a group including Dallas Mavericks owner Mark Cuban and former NFL quarterback Dan Marino.

New York financier Andrew Murstein, who was backing the bid, says the group increased its offer to more than $170 million Friday, which was as high as the group intended to go.

The Pittsburgh Tribune-Review and the Pittsburgh Post-Gazette, citing sources close to those negotiating the team's sale, reported the high bidder is Sam Fingold, a Hartford, Conn., real estate developer.

The Post-Gazette reported Saturday that Fingold could sign a letter of intent within days and that his offer was around $175 million. If he signs a letter of intent, Fingold would have an exclusive window of time -- probably 30 days -- to negotiate a deal.

A source told the newspaper that Lawrence Gottesdiener, a Boston-area businessman, may still attempt to outbid Fingold.

Fingold has ties to Kansas City, which has indicated it wants an NHL team. But the Post-Gazette reported that Fingold has indicated he thinks he might be able to keep the Penguins in Pittsburgh.

Information from The Associated Press was used in this report.