Nov: 29: After receiving unanimous approval from the FSG board earlier this month, the team has officially announced the agreement, which is still subject to approval from the NHL’s board of governors. In today’s release, it confirms that Lemieux and Burkle will remain part of the ownership group, and that management–from CEO David Morehouse all the way to head coach Mike Sullivan–will be maintained as is. The sale is expected to go through before the end of the year.
Pierre LeBrun of The Athletic reports that the sale is expected to be worth around $900MM.
Nov 16: The Pittsburgh Penguins majority owners Ron Burkle and Mario Lemieux are in talks to sell the team to Fenway Sports Group, the company that owns Boston Red Sox and Liverpool FC, according to Cara Lombardo and Laine Higgins of the Wall Street Journal. Mike DeFabo of the Pittsburgh Post-Gazette reports that Lemieux will likely retain a minority stake and will continue to be involved in the hockey operations.
It’s been more than two decades since Lemieux and Burkle effectively saved the Penguins, taking control of the team in 1999 after converting more than $32MM in deferred salary into equity. While it has certainly not been a smooth ride since then–the Penguins have been close to selling or relocating several times over the years, including a notorious saga with Jim Balsillie in 2006–Lemieux has held the team together, helped orchestrate a rebuild, and eventually brought multiple Stanley Cup victories to the club as an executive.
Forbes estimates the Penguins value at $650MM, the same price that the Seattle Kraken recently paid as an expansion fee. Sportico meanwhile valued them at $845MM recently, ranking them 15th in the NHL. The details of this sale are not public, but the report suggests that the deal could be finalized by the end of the week. It would also need to be approved by the NHL.
Fenway Sports Group was formed in 2001–then called New England Sports Ventures–when John Henry, among other investors, took control of the Red Sox. In 2010 the company purchased Liverpool FC, and they also own other smaller sporting ventures and venues. Henry has previous experience in sports ownership and was involved in an expansion bid for a Florida-based team that eventually went to another group and became the Tampa Bay Lightning.
Of note, the NHL has a standard agreement in place that prevents new owners from relocating a franchise for seven years.
Lebron will be the new head coach in 2024….the ownership group has the funds….lol
Fine with me. Maybe he can bring AD with him to assist.
Is there any way that the Fenway Group can buy the Pirates, too?
Nah, they already have a minor league team in Worcester!!
Seems like Pens fans couldn’t ask for better new owners. Not quite Boots Del Baggio this time.
I do wonder if this really changes the odds of Malkin and Letang finishing their careers here. I think it does.
It’s ironic how the Pens have largely the same problem that the Steelers do. That is, they have aging players who are having great difficulty in competing with younger, speedier teams and players.
Red Sox need starting pitching so they acquire a hockey team.
This is just an awkward purchase. Are Bruins no longer welcome at fenway park ? Will the Sox no longer go to Bruins games? Wish Henry had purchased the Bruins from Jacobs tbh
One team was available. The other wasn’t.
Awkward like this…
link to youtube.com