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Saturday, May 18, 2024

Fenway Sports Reportedly In Talks to Buy Pittsburgh Penguins

Pool Photo-USA TODAY Sports/Design: Alex Brooks

Fenway Sports Group is reportedly in talks to buy the NHL’s Pittsburgh Penguins.

FSG is the holding company that owns the Boston Red Sox.

Former Penguins star Mario Lemieux and investor Ron Burkle purchased the team out of bankruptcy in 1999 for $107 million, and Forbes valued the franchise at $650 million last December.

The five-time Stanley Cup winners would be another addition to Fenway’s impressive roster.

  • FSG bought the Red Sox in 2002 for $700 million — the team was last valued at $3.47 billion.
  • In 2007, it bought 50% of NASCAR’s Roush Racing team, which rebranded to RFK Racing on Tuesday after Brad Keselowski became a minority owner and driver for the team.
  • The group purchased Liverpool FC in 2010 for $440 million. The club was valued at $4.1 billion in April 2021.

RedBird Capital Partners entered an agreement with FSG earlier this year to invest $750 million at a valuation of roughly $7.35 billion, coinciding with Lebron Jamesinvestment in the group.

The Wall Street Journal reported that the Penguins deal could be finalized later this week. Terms of a potential transaction have not been disclosed, but multiple reports suggest Lemieux would remain a minority owner.

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