Though there was never much doubt, the NHL Board of Governors has voted on and approved the sale of the Pittsburgh Penguins, according to Pierre LeBrun of The Athletic. The deal, which is for a reported $915MM, will be with Fenway Sports Group, a company that also owns the Boston Red Sox and Liverpool FC, among other sporting ventures.
Mario Lemieux and Ron Burkle, the previous owners, will retain a five percent combined stake, according to reporting from Ryan Kennedy of The Hockey News.
Forbes recently ranked the Penguins as the 12th most valuable franchise in the NHL, with an increase in value of 58% over the past five years. Their attachment to FSG, one of the most successful sporting ventures in the world, should only increase that value in the future as the Penguins receive even more financial backing.
Elliotte Friedman of Sportsnet reported last month that FSG first approached Maple Leafs Sports & Entertainment with the idea of a potential merger, though for now, that is out of the question with this new acquisition of Pittsburgh. There has also been reporting suggesting that FSG could be heading toward a potential streaming service in the future.
Until Mario, we had nothing but terrible owners. To go from an elite ownership group to another elite ownership group is huge.
Heck, even Mario tried to sell to a guy who went to jail and later to Jim Balsillie.
We lucked out big here.