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Monday, May 20, 2024

Penguins Could Sell to Fenway Sports Group for $900M

  • Fenway Sports Group is reportedly in talks to buy the NHL's Pittsburgh Penguins.
  • The deal could be valued at $900 million.
Charles LeClaire-USA TODAY Sports/Design: Alex Brooks

Fenway Sports Group could reportedly pay roughly $900 million to buy the NHL’s Pittsburgh Penguins, according to DK Pittsburgh Sports.

The Penguins were on the verge of bankruptcy in 1999 when grocery chain mogul Ron Burkle and former NHL star Mario Lemieux purchased the team for $107 million. The five-time Stanley Cup winners were valued at $650 million by Forbes last December, the 11th-most-valuable franchise in the NHL.

Purchasing the Penguins would add to FSG’s diverse portfolio of team ownership stakes.

  • FSG bought the Boston Red Sox in 2002 for $380 million — the team was valued at $3.47 billion in March.
  • In 2007, it purchased 50% of RFK Racing — formerly known as Roush Fenway Racing prior to Brad Keselowski buying a minority stake in the team on Tuesday.
  • The group bought Liverpool FC in 2010 for $440 million — the team was valued at $4.1 billion in April.

Earlier this year, RedBird Capital Partners invested $750 million in FSG, valuing the holding company at around $7.35 billion.

The investment came alongside LeBron James joining FSG as partner and increasing his stake in Liverpool after acquiring 2% of the team in 2011 for $6.5 million.

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