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Saturday, June 22, 2024
Law

Lawsuits Over Penguins’ $900M Sale Settled

  • Fenway Sports Group agreed to purchase the Pittsburgh Penguins in November 2021.
  • Wildfire Productions — a former limited partner of the Penguins — filed a pair of lawsuits to block the sale.
Pittsburgh Penguins forward Sydney Crosby skates with puck down ice
Philip G. Pavely-USA TODAY Sports

A legal battle regarding the sale of the Pittsburgh Penguins has been resolved. 

Wildfire Productions — a former limited partner of the Penguins — filed a pair of lawsuits in December 2021 to block the sale of the NHL franchise to current owner Fenway Sports Group

Wildfire alleged that the team’s former majority owners Ron Burkle and Mario Lemieux actively denied limited partners from collecting information and providing input on the deal. On Wednesday, Wildfire settled the lawsuits and as a result relinquished its stake in the Penguins.

Terms of the settlements were not disclosed.

  • FSG purchased the Penguins in a deal valued at roughly $900 million.
  • The sports holding company also owns the Boston Red Sox and Liverpool
  • Wildfire brought suits against FSG in Pennsylvania and Team Lemieux LLC in Delaware.

Burkle and Lemieux purchased the Penguins in 1999 for $107 million. The former majority owners have retained minority stakes in the team and FSG kept the team’s core leadership intact. Lemieux, a Penguins legend and the NHL’s eighth-place all-time points leader, continues to oversee the team’s hockey operations.

Soaring Value 

Forbes unveiled its list of the most valuable NHL teams in 2022 — and the Penguins are valued at $990 million — the 15th-most-valuable NHL franchise.

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The NHL’s 32 teams are now worth a record $1.03 billion on average — a 19% increase year-over-year — behind increased media revenue and team-related transactions. The New York Rangers sit at the top of the league at $2.2 billion, marking the Blueshirts’ eighth straight year at No. 1.

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