Fenway Sports Group Set to Purchase the Pittsburgh Penguins

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Fenway Sports Group Set to Purchase the Pittsburgh Penguins

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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.

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:

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.

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Author: Mario Tirabassi

Mario Tirabassi is a writer for Bleacher Nation. You can follow him on Twitter @Mario_Tirabassi.