Josh Yohe of The Athletic is reporting that the owner of the Pittsburgh Penguins is looking to add to their ownership group. The Penguins are owned by the Fenway Sports Group, who also own the Boston Red Sox of Major League Baseball and Liverpool Football Club of the English Premier League.
Some people might see the situation as FSG trying to cut ties, however, this type of maneuver is hardly uncommon in sports ownership and likely won’t mean much to the day-to-day operations of the team. FSG has been very hands-off with the Penguins, some fans might say to the detriment of the team, however, they are rarely seen at games or in the media when it comes to Penguins affairs.
FSG bought the Penguins from previous owners Mario Lemieux and Ron Burkle, paying a staggering $950MM back in 2021. Lemieux and Burkle remain in the ownership group in a minority fashion and have had little to do with the club since departing.
The Penguins have gone through turbulent years since being purchased by FSG, making the playoffs just once in three seasons, and suffering through some difficult seasons under Ron Hextall and Brian Burke. Pittsburgh saw their 14-year sellout streak come to an end in 2021, and this year attendance has slipped to a low not seen since Sidney Crosby joined the team in 2005.
On the ice this season, Pittsburgh has fallen to the bottom of the NHL standings and is very much in danger of missing the playoffs for a third consecutive season. Despite this, FSG has remained committed to spending to the upper limit of the NHL salary cap and is heavily invested off the ice spending handsomely on managerial and scouting staff to rebuild the roster before the end of Crosby’s career.
Won’t be long till they are in KC or Houston. This group has zero connection to the city and are basically absentee owners.
This group has definitely not leveraged the scouting talents they have in Boston and Liverpool. Like Carolina, a small market team that needs talent and cheap contracts to survive. Not a destination for players.