NEWSLETTER
The Pittsburgh Penguins have been sold. After reports surfaced that the club was in talks with Fenway Sports Group for a potential sale, news on Monday morning confirmed that the five-time Stanley Cup winning franchise would be under new ownership.
The Pittsburgh Penguins and Fenway Sports Group (FSG), a global sports, marketing, media, entertainment, and real estate company, today announced that FSG has entered into an agreement to acquire controlling interest in the Penguins.
Details: https://t.co/7rdSTv2wzL pic.twitter.com/Rx3YKG5f8A
— Pittsburgh Penguins (@penguins) November 29, 2021
Fenway Sports Group, which also is the ownership group of the Boston Red Sox, English soccer club Liverpool, and Roush Fenway Racing in NASCAR, is headed by billionaire John Henry and has a $7B value. LeBron James and music executive Jimmy Lovine are also investors in the company.
Mario Lemieux and Ron Burkle purchased the Penguins in 1999 for $107M, saving the franchise at that point from bankruptcy and potential relocation. Since then, the Penguins have grown into a premier franchise in the NHL, winning three Stanley Cups under the Lemieux-Burkle era in 2009, 2016, and 2017.
Lemieux released a statement following the news of the purchase, which you can find in full here:
Mario Lemieux: "This is an exciting day for the future of our franchise… This is a new beginning, not the end of an era."
A statement from Mario Lemieux: https://t.co/I14yMebmOa pic.twitter.com/yvdQkwQZbg
— Pittsburgh Penguins (@penguins) November 29, 2021
Both Lemieux and Burkle are expected to remain part of the ownership group of the Penguins, but in smaller roles. In his statement, Lemieux also clarifies that senior management, including Penguins CEO David Morehouse, President of Hockey Operations Brian Burke, and General Manager Ron Hextall will all remain in their positions as well.
The deal, which is subject to approval by the NHL Board of Governors, is expected to close before the end of the year.
