Hartford, Conn., real estate developer Samuel Fingold was in Pittsburgh yesterday and it appears he either has signed a letter of intent to buy the Penguins or will do so in the next few days.

That means Fingold, 34, apparently has come out on top after a bidding process that started with five offers and lasted for several weeks. It's believed his final offer was $175 million or more.

A letter of intent gives him exclusive negotiating rights with the Penguins for a period of time, probably 30 days.

He was not available for comment last night.

Fingold has business ties to Kansas City and its new Sprint Center, and at one point said he was interested in moving the Penguins to that Midwestern city. Since then, though, he has said he believes he could work with local officials on their "Plan B" for a new arena.

A new owner also would be obligated to the Penguins' agreement with gaming company Isle of Capri, which has promised to donate $290 million to build a new arena if it gets the city's slots license later this year.

The team's lease at aging Mellon Arena expires in June, and the team has said it can't continue to operate there for an extended period of time.

The Penguins have said they would like to finalize the sale of the club by around the start of the season in October. That means closing on the deal and getting NHL approval for the transaction.

Fingold, who runs Kenyon Investments in Hartford, grew up in Toronto and has been a hockey fan since he was a boy.

His intent is to buy the Penguins as a family venture with his father, David, and his brother, Michael, who both live in Toronto and work in real estate.