During the 1983-84 season, the Pittsburgh Penguins were in bad shape both on and off the ice. On the ice, they compiled the NHL’s worst record; off the ice, the team was on the verge of bankruptcy.

Enter Mario Lemieux. The first overall pick in the 1984 NHL Entry Draft, Lemieux energized the franchise and emerged as one of the NHL’s greatest players, carrying the team to Stanley Cup victories in 1991 and 1992. For a spell, at least, the Penguins were on top of the hockey world. But for most of the past decade, the Penguins have been in serious financial trouble.

It began when former owner Howard Baldwin did everything in his power to retain the core of the Cup-winning team. Rather than finding suitors to take the likes of Lemieux, Kevin Stevens, and Jaromir Jagr off his hands, Baldwin did what any Penguins fan would have wanted him to: He kept a great team together.

The plan didn’t work out so well. A protracted battle with Hodgkin’s disease and serious back problems kept Lemieux out of the lineup for most of the late 1990s, while Stevens was never the same following a collision with the Islanders’ Rich Pilon during the 1993 playoffs that left him with severe facial fractures. The absence of those two players – the Pens’ best forwards in 1991 and 1992 – put an end to their run at the top, and a precipitous decline followed.

Lemieux’s contract proved to be particularly problematic because the deferred payments due him far exceeded what the team could afford to pay. The Baldwin ownership group went bankrupt, and Lemieux ended up taking ownership of the team in an attempt to recoup the money owed him. He even made one final comeback to the ice as the team’s player/owner, leading the Pens to the Conference Finals in 2001, but persistent injuries ultimately put an end to his Hall of Fame career earlier this year.

On the ice, the news for the Penguins has improved dramatically in the past year. Eighteen-year-old rookie Sidney Crosby met or exceeded all reasonable expectations in his debut season, tallying 103 points and demonstrating that he has what it takes to dominate at the NHL level.

But the situation off the ice remains quite murky. The Pens desperately need a new arena to replace the decrepit “Igloo,” but to date haven’t received the needed assistance from the city of Pittsburgh. Every Stanley Cup winner has remained in place dating back to 1935, when the Montreal Maroons emerged victorious. Could the Pens be the first Cup winner to relocate in 70+ years?

Not if Dallas Mavericks owner Mark Cuban has anything to say about it. In a recent interview, Cuban expressed serious interest in taking a minority ownership position with a group that would purchase the Penguins and keep them in the Steel City.

“They could make more elsewhere,” Cuban said. “But they belong in Pittsburgh and Pittsburgh needs them. A new arena would allow the Pens to work.” When asked whether he was in favor of using a casino or a lottery to support the construction of a new arena, Cuban confirmed that he was “all for either.”

In the six seasons prior to Cuban’s purchase of the Mavericks in January 2000, Dallas compiled an atrocious 138-322 record. In the six seasons following his arrival, the Mavs went 340-152.

The success of sports franchises is, to be sure, cyclical, but the Mavs’ success since Cuban arrived reflects something else entirely. Whether it was making sure the visiting locker rooms made a first-class impression or ensuring that the fan experience was second to none, Cuban touched virtually every aspect of the Dallas Mavericks experience, changing the franchise’s culture. He also consistently challenged the NBA to improve its product, absorbing countless fines and suspensions along the way, but ultimately becoming one of the NBA’s most proactive, forward thinking owners.

Though Cuban likely won’t be as visible a presence as a minority owner of the Penguins, it’s safe to say that his involvement will give the Pens a significant leg up on the competition. And before long, it’s a good bet that Cuban’s influence will be felt not only in Pittsburgh, but across the entire league. Whether it’s issues of consistent officiating or the NHL’s failure to properly market its stars, Cuban’s presence will prove to be invaluable.

When asked about the NHL’s new Collective Bargaining Agreement, Cuban expressed regret that the NBA’s CBA wasn’t as good, providing additional reasons to believe that last year’s NHL lockout will – in the long run – prove to have been in the sport’s best interests.

“The NHL CBA protects all size markets, something the NBA’s doesn’t,” he said. Cuban was also not surprised that the league has rebounded successfully following the lockout. “It’s kind of like a great restaurant closed for repairs,” he continued. “People are happy to come back if it’s a stronger product.”

Put simply, with few exceptions, every sports fan would prefer that Mark Cuban own their favorite team. And though Cuban at this time has expressed no interest in purchasing the Penguins outright, having him as the team’s minority owner will certainly be the next best thing.

Mr. Greenstein is the Editor in Chief of InsideHockey.com.