The Penguins, meanwhile, were forced to declare bankruptcy in November 1998 as a result of years of overspending. Lemieux, who was owed over $30 million in deferred salary, was one of the team's biggest creditors. Lemieux presented a plan to convert his earnings into equity in the team, which would make him the majority owner. His plan was approved, and Lemieux took control of the team in September 1999. | The Penguins, meanwhile, were forced to declare bankruptcy in November 1998 as a result of years of overspending. Lemieux, who was owed over $30 million in deferred salary, was one of the team's biggest creditors. Lemieux presented a plan to convert his earnings into equity in the team, which would make him the majority owner. His plan was approved, and Lemieux took control of the team in September 1999. |