MARIO LEMIEUX APPROVED AS OWNER OF PENGUINS

The bid by Lemieux and his ownership group to buy the team out of bankruptcy cleared its final hurdle this morning when Federal Judge Bernard Markovitz approved the deal in U.S. Bankruptcy Court.

Lemieux, the former Penguins superstar and a member of the Hockey Hall of Fame, is the majority owner and will serve as Chairman of the Board, CEO and President of the club.

"We are elated to receive the approval of Judge Markovitz," said Douglas Campbell, Lemieux's attorney. "This is a great day for Pittsburgh and a great day for our fans. The Penguins are no longer in bankruptcy. The Penguins have a bright future under Mario Lemieux."

Lemieux's ownership bid received unanimous approval from the NHL's Board of Governors on Wednesday.

The Penguins filed for protection under Chapter 11 of the Federal Bankruptcy Code on Oct. 13, 1998, reporting debts of more than $100 million. Lemieux, who played for the Penguins from 1984-1997 and led the team to two Stanley Cups, was one of the largest creditors.

The Lemieux Group filed a plan of reorganization in March and had that plan confirmed by Markovitz on June 24. The past few months were spent finalizing numerous agreements crucial to the closing.

"I am proud that I was able to play my entire career with the Pittsburgh Penguins, " Lemieux said, "and now I am looking forward to this exciting new challenge as an owner. We have a lot of work ahead of us. We can't wait to get started."