One of the greatest NHL players ever bought the team he played for.

How did he do it?

You won't even believe it.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) Similar to other children in his hometown of Montreal, Mario Lemieux fell in love with hockey from a young age β€” three to be exact.

Whether it was day or night, chances were that you would find Mario and his brothers practicing at their homemade ice rink.
2) From the age of 15-18, Mario Lemieux played in the Quebec Junior Hockey League β€” where he dominated.

Lemieux recorded a record 562 points (247 goals, 315 assists) in 3 seasons.

Next up?

The 1984 NHL Draft, where Lemieux was selected #1 overall by the Pittsburgh Penguins.
3) After signing a 2-year deal for $600k, with a $150k signing bonus, Mario Lemieux's career got off to a fast start.

On his first shift, Lemieux stole the puck from Hall of Fame defenseman Ray Bourque and scored a goal with his first career shot.

That was only the beginning...
4) Mario Lemieux would go on to have a 17-year NHL career, cementing himself as one of the best players in hockey history.

In total, Lemieux scored over 750 goals and had 1200+ assists β€” winning the Stanley Cup in '91 & '92.

The craziest part?

That's only half the story.
5) Throughout the 1990s Penguins ownership spent money and piled up debt, eventually unable to pay the salary of their star players.

In 1999, with $100M in debt, the Penguins filed for bankruptcy.

Their largest creditor?

Mario Lemieux, who was owed $32.5M in deferred salary.
6) With the Penguins backed into a corner, Mario Lemieux came up with a brilliant solution.

Lemieux, with an investor group, offered to buy the team β€” financing his part by converting $20M of his deferred salary into ownership equity.

Once done, Lemieux owned 25% of the team.
7) Since buying the Penguins in 1999, Mario Lemieux and his ownership group have revitalized the franchise.

Annual revenue is up from $57M to $184M, they've built a new arena, and have locked in lucrative cable deals.

That's not it β€” the've also won 3 more Stanley Cup trophies.
8) The Pittsburgh Penguins are now worth an estimated $665M, valuing Mario Lemieux's 25% stake at over $166M.

The best part?

Lemieux is the only person in NHL history to have their name on the Stanley Cup as a player and owner.
9) Mario Lemieux's deal to buy the Pittsburgh Penguins might seem like a no-brainer now, but that certainly wasn't always the case.

In the end, Lemieux found leverage and got creative, incentivizing himself with uncapped upside in the process.

Always remember, equity is key.
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More from @JoePompliano

16 Oct
We are often fed astonishing facts about an athlete's mismanagement of money, but what about the ones that went above and beyond to live on a budget?

Here's 5 of my favorite stories.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) Despite making over $8M in his NFL career, Alfred Morris continued to drive a 1991 Mazda.

The most interesting part?

Morris bought the car, which he calls "Bentley", from his college pastor for just $2.
2) Daniel Norris, who received a $2M signing bonus at the age of 18, has continued to live a minimalistic lifestyle as an MLB player.

Norris spends the offseason living in his 1978 Volkswagen van and spends less than $800 monthly.

What would you do with $2M at 18?
Read 8 tweets
14 Oct
🚨 Major News Alert 🚨

Twelve weeks ago, I had never created content on the internet before.

Today, I quit my job to pursue my passion full-time.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) In July, despite no prior experience tweeting or writing, I decided to start creating sports business content on the internet.


It all came down to passion β€” I didn't have enough for Wall Street, but plenty for sports business.
2) Since starting in July, the response has been amazing.

Here's where I'm currently at:
- 51k Twitter followers
- 13k newsletter subscribers
- 25M-35M monthly Twitter Impressions

That's great, but what's next?
Read 7 tweets
9 Oct
Jon Cooper, as head coach of the Tampa Bay Lightning, just won the Stanley Cup.

His journey to get there?

You won't even believe it.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) Jon Cooper, born and raised in British Columbia, grew up with one dream in mind.

"I wanted my name engraved on the Stanley Cup"

As he got older, those dreams started to fade.

Cooper was better at lacrosse than hockey, going on to play the former at Hofstra university.
2) At Hofstra, despite proving himself as an exceptional lacrosse player, Jon Cooper couldn't shake his love for hockey.

Cooper was notorious for checking box scores and obsessing over every NHL transaction.

"I read the sports page front to back, no matter how long it took.”
Read 15 tweets
8 Oct
One man became the most recognizable name in the history of football without ever actually playing in an NFL game.

The most interesting part?

He made hundreds of millions of dollars doing it.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) John Madden, born in Minnesota but raised in California, grew up in a blue-collar family.

In high school, Madden was a star football, basketball and baseball player.

When college came, Madden couldn't give it up β€” attending the college of San Mateo as a two-sport athlete.
2) John Madden entered college with one simple goal β€” to play professional football.

After transferring 3 times in a 4-year period, Madden was selected by the Eagles as the 244th pick of the 1958 draft.

Unfortunately, Madden hurt his knee in preseason which ended his career.
Read 12 tweets
6 Oct
One sports professional is wealthier than James Harden, Conor McGregor, and Steph Curry...combined.

Yet he never played in a game, owned a team, or ever displayed any athletic ability.

Here is his mind-blowing story...

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) Michael Buffer, born in Philadelphia, was raised by a foster family after his parents divorced when he was a child.

As a 20 year old, Buffer enlisted in the US Army during the Vietnam War β€” serving 3 years in total.

Buffer would go on to pursue a career in modeling & acting.
2) From age 23, Michael Buffer spent the next 15 years selling cars, acting, and modeling β€” never finding his true passion.

That all changed in the early 1980s when Buffer was watching a boxing match with his 14-year old son.

This is where it gets interesting…
Read 12 tweets
4 Oct
Most people say they are willing to do whatever it takes, regardless of what others think, to be successful β€” but are they really?

One athlete epitomized this concept.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) Rick Barry, who spent time in both the NBA & ABA, retired in 1980 as one of the most prolific scorers in basketball history.

- 12x All-Star
- Over 25,000 Points
- 9x All-NBA/ABA 1st Team

The most interesting part?

He's remembered for something much more unique.
2) Despite being an excellent player, Rick Barry struggled with free throws in high school.

His father recommended he start shooting them underhanded, but Barry was concerned he would be made fun of.

His dad's response?

"They can't make fun of you if you're making them.”
Read 8 tweets

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