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Uncertainties over the Penguins' future -- including whether the team will remain in Pittsburgh -- have kept bidders from buying the team, sources said Monday. If the current owners, including former team captain Mario Lemieux, cannot reach a sales agreement, they could withdraw their offer to sell the team. That would give them time to resolve questions preventing a sale at a price they want.

It's believed the team would be worth more money if it had a new arena and a definite direction.

"If they had a new building, it would make it a lot easier to sell that team," said Mike Ozanian, senior editor at Forbes magazine, which ranks professional sports teams. "That's what is weighing the franchise down. What you don't know is what revenues are going to be."

Issues blocking the sale include the asking price -- of around $175 million -- and questions about whether Pittsburgh will get an arena, who would pay for the arena and the potential for relocating the team if there is no arena.

Many of the arena issues could be settled in December, when state gambling regulators are expected to award a slots license for Pittsburgh.

Isle of Capri Casinos has said it would pay $290 million for an arena if it wins the license. The other casino bidders have said they would pay $7.5 million a year toward an arena, but the state and team would have to contribute as well.

Ozanian puts the value of the Penguins at no more than $175 million as long as it does not have an arena and its future in Pittsburgh remains unclear.

At that price, the Pens might be worth much less than the value put on the Boston Bruins franchise, according to a recent newspaper report there. Investors are reportedly lining up to pay at least $240 million, perhaps as much as $300 million, for that team, even though it's not for sale.

But the Bruins have a modern building, a larger market, a rich history and a cable television deal that pays higher fees than the Penguins can demand, said Marc Ganis, president of Chicago-based SportsCorp Ltd., a sports business consulting firm.

"The market is much stronger, more diversified, vibrant, with a much bigger corporate base and wealth in the hands of many more individuals than Pittsburgh," Ganis said.

Hartford businessman Sam Fingold signed a letter of intent in July, agreeing to pay about $175 million for the Penguins -- but he has not reached a purchase agreement.

At that amount, some analysts said, a buyer would want to have a free arena in Pittsburgh, a lucrative lease agreement at a new arena or the ability to move to a new city.

The state has agreed to loan $26.5 million to the city-county Sports & Exhibition Authority to start acquiring land for an arena.

The sports authority has purchase agreements for all but one of the Uptown properties it needs for an arena. It expects to start clearing the site early next year and to break ground in June 2007.

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