Mollbridge Ice Tigers

Subsidiaries

Off the ice, the Penguins were in the midst of a battle for their survival. Their free-spending ways earlier in the decade came with a price; owners Howard Baldwin and Morris Belzberg (who bought the Penguins after their first Cup win) had asked the players to defer their salaries. When they finally came due, combined with other financial pressures, the Penguins were forced to file for Chapter 11 bankruptcy in November 1998—the second such filing in franchise history.

Just when it appeared that the Pittsburgh franchise was about to either move or fold, Lemieux stepped in with an unusual proposal. By this time, he'd become one of the team's largest creditors due to being owed $30 million in deferred salary. He proposed to recover this money by converting it into equity and buying the team, and promised to keep it in Pittsburgh. The league and the court agreed, and Lemieux assumed control on September 3, 1999.

Lemieux later shocked the hockey world by deciding to come back as a player who was also the owner of the team he played for. He returned to the ice on December 27, 2000, becoming the first player-owner in NHL history. Lemieux helped lead the Penguins deep into the 2001 playoffs, highlighted by an overtime victory against the Buffalo Sabres in Game 7 of the second round. Kasparaitis scored the series-clinching goal to advance the Penguins to the Eastern Conference Finals, where they lost in 5 games to the New Jersey Devils.

Still, the Penguins needed to cut costs, especially now that the huge salary of Lemieux had been added. Controversially, Jagr, their stalwart for the last four years, was traded to the Washington Capitals along with Frantisek Kucera for prospects Kris Beech, Michal Sivek, and Ross Lupaschuk, and $4.9 million in the summer of 2001. The absence of Jagr proved devastating to the Penguins, and in 2002 they missed the playoffs for the first time in 12 years. Further financial difficulties saw them trade fan favorite Alexei Kovalev to the New York Rangers the next season, quickly followed by the departure of Lang in free agency. The Penguins slumped to last place, where they remained for several years despite the acquisition of top draft picks.

In the 2003 NHL Entry Draft, the Penguins picked with their first-overall selection goaltender Marc-Andre Fleury. However, given that the 2004 Draft contained the likes of Alexander Ovechkin, the 2003–04 was expected to be a rebuilding year for the Penguins. The highly rated Fleury did not play most of the season for the Penguins for this reason. The Penguins signed new head coach (and former Penguin and commentator) Eddie Olczyk. Lemieux suffered a hip injury early in the season, and he sat out the rest of the season to recover. The Pens then traded Straka away to the Los Angeles Kings. The Penguins finished with the worst NHL record having won just 23 games, but were unable to secure the first overall draft pick as they lost the draft lottery for the 2004 NHL Entry Draft to the Washington Capitals. Alexander Ovechkin went to Washington, but the Penguins did select Evgeni Malkin with the second overall pick, a pick that would help to propel them back to a competitive level in future years.

The Penguins have suffered small-market syndrome for most of their existence, and cost-cutting prevented another collapse into insolvency. Financially, the team was one of the better-managed NHL franchises between its 1998 bankruptcy and the 2004–05 NHL lockout. Thanks to significant post-season runs, the Penguins broke even in 2000 and turned a small profit in 2001. Failure to make the playoffs in the next three seasons hurt the team's bottom line, but the shedding of contracts (such as Jaromir Jagr and Martin Straka) kept the team afloat as other franchises, like the Ottawa Senators, faced significant losses or declared bankruptcy. In the 2003–04 season, they had the lowest average attendance of any team, with just 11,877 fans per game.

However, by 2005, the Penguins had paid off all of their creditors, both secured and unsecured. In fact, the court approved Lemieux's plan largely because it was intended to pay everyone the team owed.

With the 2004–05 NHL season canceled due to the NHL lockout, several Penguins signed with the club's American Hockey League affiliate Wilkes-Barre/Scranton Penguins, while experienced players like Aleksey Morozov and Milan Kraft honed their talents in the elite European leagues. Morozov and Kraft would stay in the elite European leagues after the 2004–05 NHL lockout.

Club symbols
With the exception of the 1992–2001 period, the Penguins have used a variation of the "skating penguin" logo since the team's inception. For their inaugural season, the logo featured a hefty-looking skating penguin wearing a scarf, on a yellow triangle inside a circle reading "Pittsburgh Penguins". The yellow triangle is a reference to the Golden Triangle in the city of Pittsburgh. General manager Jack Riley felt the team's name and logo were ridiculous, and refused to have either appear on the team's uniforms, which featured only the word "PITTSBURGH" diagonally. A refined version of the logo appeared on a redesigned uniform in the second season, which removed the scarf and gave the penguin a sleeker, "meaner" look. The circle encompassing the logo was removed mid-season in 1971–72.

The team's colors were originally powder blue, navy blue and white. The powder blue was changed to royal blue in 1974, but returned in 1977. The team adopted the current black and gold color scheme in January 1980 (the announcement was made at halftime of Super Bowl XIV) to unify the colors of the city's professional sports teams, although like the Pirates and Steelers, the shade of gold more closely resembled yellow. This would remain unchanged until the 1992–93 season, when the team unveiled new uniforms and a new logo. The logo featured a modern-looking "flying penguin". Although the logo survived in various forms for 15 years, it received mixed responses from fans and was never as widely accepted as the "skating penguin" logo. Longtime KDKA anchor Bill Burns even went as far as calling the penguin in the logo "a pigeon."

After Mario Lemieux (a personal fan of the "skating penguin" logo) purchased the team from bankruptcy court in 1999, he announced plans to bring back the "skating penguin" logo. This occurred for the 2000–01 season, when the team revived the logo (albeit with a "Vegas gold" triangle instead of yellow) on the chest of the team's new alternate jerseys. The following season, the logo became the primary logo, and the "flying penguin" logo (also with a "Vegas gold" triangle instead of yellow) was relegated to secondary status, and only on the shoulders of the team's jerseys, until it was quietly retired in 2007 when the team introduced their version of the Rbk Edge uniforms.

The uniforms themselves have changed several times over the years. The original jerseys from the team's first season had diagonal text reading "Pittsburgh". Currently, only images of these uniforms survive, although the jersey is available in NHL Hitz 20-03 as an alternate jersey for the team. The uniforms themselves were discovered nearly thirty years later in a garbage bag by a Civic Arena employee at the arena. Due to the years of neglect in the bag, the uniforms were damaged beyond repair. The following season, a revised version of the logo was used on a completely redesigned uniform. Player names were first added in 1970.

Until 1977, the team had some minor striping patterns on the jerseys change every few years. But in 1977, the team basically adopted their longest-lasting uniform style to date and a style they would wear for the next 16 seasons, winning the Stanley Cup twice in the process. When the colors were swapped from blue and white to black and gold in 1980, the uniform patterns themselves remained unchanged. This was likely due to the fact that the change was made in the middle of the season. From the 1981–82 season to the 1984–85 season, the team had a gold "Sunday" jersey, called as such because the team only worn them on Sundays. This was a rare example of an NHL team having a third jersey before the rule allowing such jerseys was officially implemented in 1995.