A group of West Coast investors, led by a friend of the Penguins centre, is set to assume majority ownership of the team.
"In buying any kind of professional sports franchise, it's a long way to go," said Del Biaggio, president and chief executive officer of Sand Hill Capital in Menlo Park, Calif.
"We are committed to Pittsburgh long term if we can pull this off."
Penguins centre Mario Lemieux soon could have a reduced role in team ownership. (AP Photo)
Del Biaggio and other unidentified investors have worked out a letter of intent to buy the Penguins.
Lemieux has owned the team since it emerged from bankruptcy in 1999. If the team were sold, he would retain a smaller share of the Penguins.
"Even if there is a substantial new investment in the team, Mario Lemieux will continue to be involved in all aspects of the operation," team spokesman Tom McMillan said.
Del Biaggio owns part of the American Hockey League's Cleveland Barons and is one of Lemieux's co-owners of the Omaha Lancers of the U.S. Hockey League.
with files from Associated Press
