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Lemieux Gets $21 Million Settlement

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The Tampa Tribune

Published: October 20, 2007

PITTSBURGH - Penguins co-owner Mario Lemieux will get $21 million as part of the team's settlement of its 1990s bankruptcy.

Lemieux was owed $32 million in deferred compensation when he retired as a player in 1997. He won't get additional money on the contract and is believed to be the only unsecured creditor to get less than 100 percent of money owed.
California businessman Ron Burkle, who shares control of the franchise with Lemieux, and the other investors who purchased a piece of it when it came out of bankruptcy in 1999, will be given varying percentages of their original outlay as part of the refinancing. The distribution of money comes with a stipulation that if the team experiences major financial problems, the investors must put their money back into the franchise.

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