The Penguins' sale process is accelerating, according to two men who identify themselves as serious bidders.

Andy Murstein, president of Medallion Financial Corp. in New York, yesterday said the Penguins "are probably going to sign [a letter of intent] with somebody within the next 30 days."

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Sam Fingold, a real-estate developer from Toronto now based in Hartford, Conn., said although the process is complex, the sale could be final as early as the start of the 2006-07 season in October.

Both men have paid the Penguins' asking price of $100,000 in what amounts to hand money to explore the clubs' books and have submitted bids to buy the club. They said it's their understanding that others have done the same.

It's believed there are interested parties who have not been identified who want to relocate the team to various cities in Canada, Houston or Las Vegas.

Murstein said his group, which he expects will include some local investors, will be increasing its bid in the next couple of days.

The sale price is expected to be between $150 million and $170 million. That could be seen as a strong price, considering the St. Louis Blues, who have a newer arena and long-term lease, are in the final stages of being sold for $150 million.

The Penguins' lease at Mellon Arena expires next June. Under lease terms, prospective buyers have been able to contact the team, but the team is restricted until the end of this month from initiating contact with any who might move the franchise out of the area. After next week, anything goes.

The Penguins have declined to comment on any aspect of the sale other than the fact that the team is on the market.

Murstein and Fingold agree that Mellon Arena is a problem, but they have divergent opinions on the issue of a new facility.

Murstein is emphatic about getting a new venue to replace Mellon Arena and keeping the hockey team in Pittsburgh.

"We're 100 percent not going to move it," Murstein said. "You can mark that down. If we were to buy it, we would keep the team in Pittsburgh."

Fingold is unsure about the prospects for a new arena. He said he would keep the team in town with a new facility, but otherwise probably would move it to Kansas City, which has a new arena and needs an anchor tenant.

A new owner would be bound to the Penguins' partnership with gaming company Isle of Capri. If Isle of Capri beats out two other bidders to secure a license for the city's stand-alone slots parlor, it has promised to fund a $290 million hockey venue adjacent to Mellon Arena.

The sale of the Penguins is expected to precede the awarding of the slots license.

Gov. Ed Rendell has proposed a Plan B for building a new arena should Isle of Capri not get the license. The winning casino bidder would commit $7.5 million a year for 30 years and the Penguins would contribute $4 million a year toward construction.

"I think we'll be patient to work out a deal with the city and the state," said Murstein, 41, who is bidding on the team autonomously, not on behalf of Medallion, a financial firm known primarily for owning and leasing taxi cab medallions, a form of medal operating license needed in New York City.

"The city [of Pittsburgh] and the state are doing a terrific job in trying to keep the team," Murstein said.

"I think Isle of Capri has less than a 50 percent chance [of getting the casino]. We're in the Plan B camp. There would have to be some tweaks, but we would work with that."

Fingold chafes at the idea.

"It's the politicians who are not stepping up to the plate," he said. "If the Isle of Capri happens, fantastic. If not, there's some fuzzy Plan B. As a businessman, what happens if Isle of Capri doesn't happen?"

In Fingold's case, a move to Kansas City would be likely.

Fingold, 34, owns Kenyon Investments in Hartford, but said he is pursuing the Penguins as a family venture along with his brother Michael, and father, David, who runs Chedington, a real-estate concern in Toronto.

The Fingolds had the initial bid on the Toronto Raptors in the 1980s when the NBA was expanding into Canada, but that fell through when the league could not broker a Canadian television deal.

Fingold, whose Toronto roots make him a hockey fan, isn't immune to the pain that would come with losing the Penguins to another city.

"I live in a city [Hartford] that lost a hockey team," he said. "I feel for the fans. I've been through it. We lost the Whalers. They moved to Carolina and became the Hurricanes. They just won the Stanley Cup. I feel terrible.

"But you have to look at it from a business sense. What are the politicians doing?"

Murstein previously bid to buy the St. Louis Blues and a Major League Soccer team, but those efforts fell short.

Although the Penguins finished second-to-last in the NHL standings in 2005-06, ahead of only St. Louis, he finds the Penguins attractive for several reasons.

"One is the NHL itself," he said. "I believe the league is positioned for the biggest upside of the four [major] sports. They have a new collective bargaining agreement similar to what the NFL has in place ... and the value of their franchises will accelerate.

"Second is the upside with the players they have. The young talent is much better than in St. Louis, with Sidney Crosby and [Evgeni] Malkin and a stockpile of good draft picks.

"I also think Pittsburgh is a terrific sports city, a top city in America for fan loyalty. The city deserves to have an NHL team."

Others who have expressed an interest in buying the Penguins include Ohio businessman Jim Renacci and Massachusetts businessman Lawrence Gottesdiener.

Gottesdiener, CEO of Northland Investment Corp. in Massachusetts, reportedly would keep the Penguins in Pittsburgh or attempt to move them to Hartford. He declined comment.

Renacci, mayor of Wadsworth, Ohio, and part owner of the Columbus Destroyers of the Arena Football League, has said he would like to see the Penguins remain in Pittsburgh. He did not return a phone message.