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Monday, May 20, 2024

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.

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