Fenway Sports Group is set to add another major sports team to their portfolio.
And this new purchase will take FSG to the Pittsburgh ice, as they are in ‘advanced talks’ to purchase the Penguins from current owners Ron Burkle and Mario Lemieux, according to ESPN’s Emily Kaplan.
The Penguins, who have won three Stanley Cup championships since 2009, have been owned by Burkle and Lemieux for over 20 years, and their purchase may have very well saved the team from an eventual relocation.
In their 2021 valuations, Sportico ranked the Penguins as the 15th-most valuable franchise in the NHL, at $845 million. Their $188 million in projected revenue was also tied for the 13th-most in the NHL, while their $76 million in revenue last year was the 10th-best in hockey. (In case you’re curious, the Bruins are considered the fifth-most valuable franchise in hockey, with a $1.3 billion total valuation, according to Sportico’s 2021 rankings.)
If and when the sale goes through, it’s expected that Lemieux will stay on board with a minority stake in ownership.
FSG, which is led by John Henry, owns the Boston Red Sox, English Premier League’s Liverpool, and NASCAR’S Roush Fenway Racing. NBA superstar LeBron James recently joined FSG as a partner and part-owner of the Red Sox.
Any sale of the Penguins would require approval from the NHL’s Board of Governors.
Ty Anderson is a writer and columnist for 985TheSportsHub.com. Any opinions expressed do not necessarily reflect those of 98.5 The Sports Hub, Beasley Media Group, or any subsidiaries. Yell at him on Twitter: @_TyAnderson.