PITTSBURGH -- The sale of the Pittsburgh Penguins, first reported Wednesday night on WTAE Channel 4 Action News, was confirmed by team chairman Mario Lemieux on Thursday morning.

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In a written statement, Lemieux said Canadian businessman Jim Balsillie has signed a letter of intent to purchase the team.

The sale price is believed to be $175 million, although Lemieux did not confirm that.

The deal must be approved by the National Hockey League, which could take several months.

Balsillie flew into town Thursday night to talk about his plans for the team.

Balsillie is the chairman and co-CEO of Research in Motion, the company that developed the BlackBerry wireless device. He has been linked to a group trying to bring a hockey franchise to Hamilton, Ont., which is close to his home.

The question on everybody's mind is whether Balsillie will want to keep the Penguins in Pittsburgh.

He said he wants to keep the team in Pittsburgh but would not be pinned down to stay in Pittsburgh if the team's partner, the Isle of Capri, doesn't get a state license to operate a slot machine parlor in Pittsburgh.

Isle of Capri has said it would pay $290 million to fully fund construction of a new arena that would replace Mellon Arena.

If one of the other two bidders -- Harrah's/Forest City and Detroit businessman Don Barden -- wins the gaming license, they will help pay for a new arena, but the Penguins would also have to bear some of the cost.

It remains to be seen if Balsillie would go along with that deal.

"Pittsburgh has shown itself to be an outstanding hockey market, and the team has an incredible tradition of success and fan support," Balsillie said in a written statement. "With young stars such as Sidney Crosby and Evgeni Malkin, we all know the Penguins have a very bright future on the ice. I look forward to owning this team for a long time in Pittsburgh."

If the Isle of Capri is unable to gain a liscence for slot machines, the Governor, county chief executive and mayor said they're all committed to build a new arena under the so-called Plan.

Stay with WTAE Channel 4 Action News for the latest on this story.

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