The Pittsburgh Penguins, Valued at $650 Million, Received Nearly $5 Million in PPP Loans

Penguins
Getty Images/Kirk Irwin

The Pittsburgh Penguins are worth a lot of money. So, given that, it may surprise you to learn that the team received $4.82 million in Payment Protection Program loans.

Well. prepare to be surprised.

Of all the teams comprising the NHL, NFL, NBA, and MLB, only the Pittsburgh Penguins received a PPP loan, the New York Post reports.

The Penguins explained their request for financial relief from the program in response to a request for comment from the Post.

“With our arena being ordered closed since March and without any event revenue, we requested that our landlord, the Sports & Exhibition Authority (SEA), consider a temporary deferral of our annual rent payment due in September. This request was denied,” the Penguins explained.

“Accordingly, we borrowed $4.8M under the CARES Act program in mid-August and applied the funds to our $6.1M September rent payment to the SEA, which was used by the public agency to make its required bond payment.

“The SEA indicated it is facing similar financial difficulties due to the closure of the SEA-owned Convention Center, and we are pleased these funds were used to support an important public agency during these challenging times.”

The Penguins did furlough 40 employees over the summer but brought them back on September 1 to begin preparations for the upcoming season, the team wrote.

On Christmas Eve, it was reported that Penguins Co-Owner Ron Burkle purchased Michael Jackson’s Neverland Ranch for $22 million.

Currently, coronavirus restrictions in Pennsylvania prevent fan attendance. The league is scheduled to begin its 2021 season on January 14.

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