The Pens nearly went bankrupt in 1999 after a series of lawsuits involving Mellon Arena's management corporation and some heavy creditors. In April and May, with NHL scheduling plans being worked out and the future of the Penguins franchise very much in doubt, three potential schedules were devised: one with the Penguins, one without, and one with the Penguins franchise in Portland, Oregon where an ownership group led by ex-Microsoftie Paul Allen was waiting.

Enter Mario Lemieux. Lemieux was actually the franchise's heaviest single creditor, as a result of several deferred bonuses coming due from his playing career, which had ended in 1997. After some protracted negotiations with the arena management group over a lease that was bleeding the club dry, Lemieux and his ownership group acquired the team.

The advertising campaign for the 1999-2000 season ticket drive used a very simple slogan, along with a picture of Lemieux:

745 games, 613 goals, 831 assists... and one save.

Lemieux has now (as of 27 December 2000) returned to the game, making him the first owner of a professional sports franchise to play for his team.