Thu Sep 20 20:57:57 2007

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Penguins sign lease on new arena

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Pittsburgh, PA (Sports Network) - The Pittsburgh Penguins signed a lease on Thursday committing the NHL team to its $290 million arena until 2040.

The lease terms were in agreement with a March memorandum between the team and government officials. Construction on the arena has yet to start.

The city-Allegheny County Sports and Exhibition Authority committed Wednesday to construction financing, and the deal should close in the first week of October, Pennsylvania Governor Ed Rendell said. The Penguins expect to open the arena in the 2010-11 season.

"This financing will provide the funds the arena needed," Rendell said. "These actions, plus the action of the Legislature last July in approving the state's gaming and economic development fund, assures that the funding is in place and that we are going to be playing hockey in Pittsburgh for the next 25 years."