• Loading stock data...
Thursday, September 4, 2025
Fox Analyst and Media Entrepreneur Greg Olsen to Speak at Tuned In Get your ticket now!

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

Liverpool’s $598M Transfer Spree: End of the Title Race Already?

A deal for Swedish striker Alexander Isak highlights a record outlay.
Oct 13, 2024; Philadelphia, Pennsylvania, USA; Philadelphia Eagles quarterback Jalen Hurts (1) and wide receiver A.J. Brown (11) celebrate their touchdown pass during the second quarter against the Cleveland Browns at Lincoln Financial Field.

TV Ratings Just Changed Again. The NFL Will Be the Big Winner

Nielsen’s new viewership system will have a big impact on sports.
Ohio State Buckeyes wide receiver Jeremiah Smith (4) celebrates with offensive lineman Donovan Jackson (74) after a touchdown catch against Notre Dame Fighting Irish in the first quarter during the College Football Playoff National Championship at Mercedes-Benz Stadium in Atlanta on January 20, 2025.

The Most Expensive Roster Year in College Football History

The House settlement created revenue-sharing—and a big NIL loophole.

‘You’re Going to Get Beat Up’: The Liberty’s All-Male Practice Squad

A select group suits up weekly to take on the defending champs.

Featured Today

The Honey Deuce Effect: How Tennis Perfected the Signature Cocktail

Sold every 1.5 seconds, they total more than $12 million in sales.
Dec 21, 2024; Austin, Texas, USA; Texas Longhorns quarterback Arch Manning (16) warms up as the Texas Longhorns prepare to play the Clemson Tigers in the first round of the College Football Playoffs at Darrell K Royal Texas Memorial Stadium.
August 23, 2025

Schools Are Hesitant to Allow PE Into Their Athletic Departments

Regardless of budget, schools don’t believe the risk is worth the reward.
Oct 2, 2024; Rosemont, IL, USA; Big Ten commissioner Tony Petitti speaks with the media during the 2024 Big Ten Women’s Basketball media day at Donald E. Stephens Convention Center.
August 22, 2025

‘Not Ready to Jump In’: Power 4 Commissioners Aren’t Sold on PE

Top leaders in college sports have yet to see a satisfactory proposal.
Nov 23, 2024; Minneapolis, Minnesota, USA; Penn State Nittany Lions head coach James Franklin looks at quarterback Drew Allar (15) during the first quarter against the Minnesota Golden Gophers at Huntington Bank Stadium.
August 22, 2025

Private Equity Enters College Sports—Without the Equity

As college football starts, lending agreements have become PE’s best way in.

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

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

Gareth Bale on MLS vs EPL, Retirement & Buying Cardiff City

Gareth Bale shares his post-soccer business playbook.
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.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.