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New York financier Andrew Murstein, who was backing the bid, says the group increased its offer to more than $170 million Friday, which was as high as the group intended to go.
The Pittsburgh Tribune-Review and the Pittsburgh Post-Gazette, citing sources close to those negotiating the team's sale, reported the high bidder is Sam Fingold, a Hartford, Conn., real estate developer.
The Post-Gazette reported Saturday that Fingold could sign a letter of intent within days and that his offer was around $175 million. If he signs a letter of intent, Fingold would have an exclusive window of time -- probably 30 days -- to negotiate a deal.
A source told the newspaper that Lawrence Gottesdiener, a Boston-area businessman, may still attempt to outbid Fingold.
Fingold has ties to Kansas City, which has indicated it wants an NHL team. But the Post-Gazette reported that Fingold has indicated he thinks he might be able to keep the Penguins in Pittsburgh.
Information from The Associated Press was used in this report.