PITTSBURGH - A group of West Coast investors, led by a California businessman with a minority interest in the San Jose Sharks, have negotiated a letter of intent to become the majority owners of the Pittsburgh Penguins, according to a published report.

William "Boots" Del Biaggio, a San Jose businessman and a friend of Pittsburgh player-owner Mario Lemieux, and other unnamed investors have negotiated a deal that would keep the team in Pittsburgh, a Pittsburgh newspaper reported Friday.

Lemieux, who has owned the team since it emerged from bankruptcy in 1999, would have a smaller share of the Penguins, as would most of the Penguins' other investors, the newspaper reported.