10 Franchises That Filed for Bankruptcy

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Pittsburgh Penguins - 1975

It was a rough two months for Penguins owners Tad Potter and Peter Block. In April the Pens became only the second team in NHL history to blow a 3-0 series lead when they lost the Wales Conference finals to the Islanders. Seven weeks later team officials would arrive at work to find the doors had been padlocked by the feds. The owners were $6.5 million in debt, including $500,000 owed to the IRS.

The Penguins headed to bankruptcy court and it looked like the team would have to fold or relocate. A group headed by Albert Savill purchased the team for $3.8 million and was able to keep the Pens in Pittsburgh. The off-ice drama didn’t affect the on-ice play as the Penguins made the playoffs for the second straight season, the first in franchise history. The bankruptcy filing was also the first in franchise history ... as there would be a second.

Ten Franchises That Filed for Bankruptcy

3 / 11
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