Pittsburgh Penguins Sold! Reach deal with Fenway Sports Group

pittsburgh penguins sold
Mar 15, 2020; Pittsburgh, Pennsylvania, USA; General exterior view of the Mario Lemieux statue outside the PPG PAINTS Arena as the NHL game scheduled between the Pittsburgh Penguins and the New York Islanders was suspended due to COVID-19 coronavirus concerns. Mandatory Credit: Charles LeClaire-USA TODAY Sports

Fenway Sports Group reached a deal to purchase the Pittsburgh Penguins on Monday.

Fenway Sports Group confirmed the move in a news release. The growing portfolio also includes the Boston Red Sox and Liverpool FC of the Premier League, and will pay approximately $900 million to acquire controlling interest in the NHL club.

“The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a terrific history and a vibrant, passionate fan base,” FSG chairman Tom Werner said. “We will work diligently to continue building on the remarkable Penguins’ tradition of championships and exciting play.”

Current Penguins owners Mario Lemieux and Ron Burkle remain part of the ownership group, according to a news release from FSG.

Lemieux will also continue his role guiding hockey operations. Also remaining in place are CEO David Morehouse, COO Kevin Acklin, president of hockey operations Brian Burke, general manager Ron Hextall and coach Mike Sullivan.

The deal is subject to approval by the NHL’s Board of Governors and is expected to close by the end of the year.

Penguins reach deal on sale

penguins sale
Nov 15, 2018; Pittsburgh, PA, USA; Pittsburgh Penguins owner Mario Lemieux (middle) participates in a ceremonial puck drop with fellow cancer survivors Eric Graham (LC), age 15, and Nicole Macio (RC) age 22, and Penguins center Evgeni Malkin (71) and Tampa Bay Lightning center Brayden Point (21) before the game at PPG PAINTS Arena. Mandatory Credit: Charles LeClaire-USA TODAY Sports

“We want Penguins fans to know that we would only enter a partnership of this magnitude with leaders who share our values,” Lemieux said in statement. “As this new chapter begins, I am happy to tell you that Ron and I will both remain part of the ownership group.”

Lemieux and Burkle purchased the team in 1999 and have enjoyed a 22-year partnership that included winning three Stanley Cups (2009, 2016 and 2017) and the 2010 opening of PPG Paints Arena.

“We are particularly excited to welcome Mario Lemieux and Ron Burkle to FSG and have the utmost respect for all they have done to build the Penguins into the perennially successful franchise we know today,” Werner said. “We look forward to working with Mario, Ron and the entire Penguins front office team.”

“As the Penguins enter a new chapter, I will continue to be as active and engaged with the team as I always have been and look forward to continuing to build on our success with our incoming partners at FSG,” Lemieux said. “They have an organizational philosophy that mirrors the approach that worked so well for Ron and me over the past 22 years.”

“Mario and I came in together, and we are excited to become a part of the new ownership group,” Burkle said. “The Pittsburgh Penguins will be in good hands with FSG, and Mario and I are here to support them, committed as much as we’ve always been to the success of the franchise.”

Principally owned by John Henry, Fenway Sports Group purchased the Red Sox in 2001 and Liverpool in 2010. Henry is also part owner of NASCAR’s Roush Fenway Keselowski Racing team.

–Field Level Media