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Tuesday, April 16, 2024
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Penguins Limited Partner Tries to Block $900M Sale

  • Wildfire Productions, a limited partner of the Pittsburgh Penguins, has sued to block the sale of the team.
  • The Penguins agreed to sell a controlling stake to Fenway Sports Group for around $900 million in November.
Pittsburgh-Penguins-Fenway-Sports-Group
Charles LeClaire-USA TODAY Sports/Design: Alex Brooks

A limited partner of the Pittsburgh Penguins is attempting to block the team from joining the vaunted roster of Fenway Sports Group.

Wildfire Productions filed a lawsuit, saying that majority owners Ron Burkle and Mario Lemieux actively denied limited partners from collecting information and providing input on the deal.

“Through clandestine back-room maneuvering, Mr. Burkle and Mr. Lemieux are orchestrating an unlawful cash-out for themselves, while steamrolling and freezing out their Limited Partners, including Wildfire,” the company wrote.

  • In November, Fenway Sports Group agreed to buy a controlling stake in the Penguins reportedly for around $900 million.
  • The deal received unanimous approval from the NHL’s board of governors on Dec. 9.

The Penguins brushed off the suit, saying “This is a regrettable situation where a single limited partner is claiming rights to which they are not entitled.”

The team also noted that Wildfire is receiving five times its original investment, and that the stake value “increased over 12 times as a result of this transaction.”

A Growing Portfolio

Fenway also owns the Boston Red Sox, Liverpool F.C., Roush Fenway Keselowski Racing, and a majority stake in the New England Sports Network.

In March, RedBird Capital Partners invested $750 million in Fenway at a $7.35 billion valuation. LeBron James and Maverick Carter followed suit later that month at an undisclosed amount.

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