Lemieux give his raise back
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12-02-2003, 04:49 AM
Join Date: Mar 2002
Location: Goo Lagoon
Mario was owed almost 30 Mill in payments on his contracts from his playing days when he bought the team. If another owner had taken the team over and gone into full blown bankruptcy he would not have received most of that money. Now three years and about 15 Mill in Salary payments later he has already made back about half the ammount owed to him.
He turned the original debt into stcok in the team for the take over. So If they are able to sell it at a later date he will most likely make all of his lost money back at this point. (assumeing he gets the 15 mill already received from playing and gets about half of what he paid for his share of the team if there is a sale)
Where many see him as a savior of the Pens, I still see him as a guy out to save himself untill thier is a ground breaking for a new arena in downtown Pittsburgh. Untill that point there is little guarentee that the Pens will remain there long term.
This move helps keep the Pens solvent for now and IMO keeps up the appearence that Mario is out for the best intrest of the team and not the best intrest of his investment in the Pens past, present, and future.
I am by no means a Pens fan, but am a big fan of Mario and consider the most talented player to play the game. Still, I can't help but see this as a attempt to save what was his. The Hockey decisions made under his ownership (by that I mean bringing in the Coaches that have been there) have been laughable at best. His gutting of the payroll is not a problem IMO, but something that had to be done to keep the team going.
I hope he proves me wrong and finds a way to keep the Pens in Pittsburgh. I just don't see it happening.
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