Fingold intends to purchase Penguins

The Pittsburgh Penguins announced Friday that a group led by real estate developer Sam Fingold has signed a letter of intent to purchase the team. The 34-year-old Fingold heads Kenyon Investments, a commercial real estate firm in Hartford, Connecticut.

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A native of Toronto, Fingold said Friday he's committed to keeping the team in Pittsburgh, but will push for a new arena for the club. Fingold was reportedly interested in moving the Penguins to Kansas City if Pittsburgh didn't come up with a plan to replace Mellon Arena.

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The Pittsburgh Post-Gazette reported Fingold's offer was believed to be for at least $175 million.The letter of intent means Fingold's group has exclusive negotiating rights with the Penguins to broker a deal.

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The Penguins are currently owned by a group led by former Penguin superstar Mario Lemieux. Even if the two sides come to an agreement, the NHL would have to approve of the sale, which could take several months.