• Loading stock data...
Tuesday, October 7, 2025

Fenway Sports Group to Buy Pittsburgh Penguins

  • Fenway Sports Group has agreed to purchase a controlling stake in the Pittsburgh Penguins.
  • The deal is reportedly around $900 million.
NHL/Design: Alex Brooks

Fenway Sports Group is adding a major franchise to its roster: The group has agreed to purchase a controlling stake in the NHL’s Pittsburgh Penguins.

The transaction, announced Monday, must now be approved by the league’s owners, who will meet in December. Fenway also owns the Boston Red Sox and Liverpool F.C. 

Terms were not disclosed, but DK Pittsburgh Sports reported that the sale was for around $900 million.

  • Current owners billionaire Ron Burkle and Mario Lemieux will retain minority stakes in the club.
  • Lemieux, a Penguins legend, will continue to oversee the team’s hockey operations, and the team’s core leadership will remain intact.
  • Lemieux and Burkle purchased the Penguins in 1999 for $107 million.

It’s the first major addition to Fenway’s roster in over a decade. The group purchased the Red Sox in 2002 for $700 million and Liverpool in 2010 for $440 million

In March, RedBird Capital Partners invested $750 million in Fenway at a $7.35 billion valuation. LeBron James and Maverick Carter bought into Fenway that same month.

The Penguins boasted the top local TV ratings of any NHL or NBA team in the 2020-2021 season. They previously sold out 600 consecutive home games, according to the team.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Jul 19, 2019; South Bend, IN, USA; Liverpool defender Virgil van Dijk (4) passes the ball in the second half of a preseason preparation soccer match against the Borussia Dortmund at Notre Dame.

Liverpool’s $598M Gamble Looks Pretty Average on the Pitch—So Far

Liverpool struggles after historic offseason spending and lofty expectations.
Paul Cartier

Sports Organists Are Still Thriving in the Era of Raucous Arena Music

“When they walk out and they see a real organ guy, it’s like, ‘Wow.’”
Sep 27, 2025; Milwaukee, Wisconsin, USA; Milwaukee Brewers center fielder Jackson Chourio (11) rounds the bases after hitting a home run during the sixth inning against the Cincinnati Reds at American Family Field.

Milwaukee Moneyball: Brewers Are Beating MLB’s Deeper Pockets

Milwaukee is holding its own against big-budget competitors.
Kōloa Rum Company Rum Rusher

Panthers Bubbly, Jets Wine, Manning Whiskey: The Sports Booze Boom

A sommelier dives into the sports booze trend—and tries Jets wine.

Featured Today

Nov 17, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Steelers fans wave Terrible Towels against the Baltimore Ravens during the fourth quarter at Acrisure Stadium

Steelers’ Irish Roots Are Deeper Than NFL Dublin Game

The Steelers have history and the foundation for a future in Ireland.
FARMINGDALE, NY - SEPTEMBER 23: Rory McIlroy of Team Europe hits out of the rough on the first hole during the 2025 Ryder Cup at Bethpage State Park on Tuesday, September 23, 2025 in Farmingdale, New York.
September 25, 2025

Ryder Cup in New York: Record-Setting Hopes and Fan Concerns

Organizers anticipate record attendance and revenue, but worry remains about fan behavior.
FARMINGDALE, NY - SEPTEMBER 22: Cameron Young of Team USA hits his tee shot on the third hole during the 2025 Ryder Cup Practice Round at Bethpage State Park on Monday, September 22, 2025 in Farmingdale, New York.
September 23, 2025

U.S. Ryder Cup Players Will Be Paid. Not Everyone Is Pleased

Americans are receiving a $200,000 stipend, and not everyone is pleased.
Cheryl Reeve
September 21, 2025

How Cheryl Reeve Turned the Lynx Into the WNBA Gold Standard

Reeve has Minnesota six wins away from an unprecedented fifth WNBA title.
Louisville’s Miller Moss and several of his teammates stopped by Olympus Gaming Lounge to play EA Sports College Football 26 with fans for a meet and greet. July 11, 2025

Saudis, Silver Lake, Jared Kushner Take EA Private in $55B Deal

Electronic Arts makes “Madden,” “EA Sports College Football,” and more.
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.
June 25, 2025

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.
July 6, 2025

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
Sponsored

How Jenny Just Is Shaping the Future of Sports Ownership

Jenny Just on bringing her investment experience to sports ownership.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.