Fenway Sports activities Group to buy controlling curiosity in Pittsburgh Penguins, per studies

One of many NHL’s most historic franchises could possibly be beneath new possession quickly. Based on Sportico, Fenway Sports activities Group will buy a controlling stake within the Pittsburgh Penguins, pending approval from FSG board members and the NHL. 

The deal’s phrases have but to be disclosed, however the Penguins — who’ve made 15 straight playoff appearances, gained three Stanley Cups since 2009 and owned the very best native scores share of any NHL group final season — had been valued at $845 million as not too long ago as October. Fourteen NHL groups are extra worthwhile.  

FSG, led by billionaire John Henry, will assume possession from Mario Lemieux and Ron Burkle, however Lemieux might reportedly retain a small portion of his fairness. A Corridor of Famer who performed every of his 17 NHL seasons with the Penguins, Lemieux joined Burkle to buy the group out of chapter in 1999. Lemieux is the one individual in NHL historical past to win the Stanley Cup as each a participant (1991, 1992) and proprietor (2009, 2016, 2017). 

If the deal is permitted, the Penguins would be a part of the Boston Crimson Sox, Fenway Park, Liverpool FC and Roush Fenway Racing in FSG’s portfolio. FSG was valued at $7.35 billion after RedBird Capital and Los Angeles Lakers star LeBron James invested earlier this 12 months.

TSN reported the deal could possibly be finished as quickly as this week, an unsurprising improvement given FSG’s latest foreshadowing. 

“We take a look at FSG very a lot as a platform for sports activities, leisure, actual property, content material, media, and the like,” Crimson Sox CEO Sam Kennedy advised the Sporticast podcast final month. “We’re very serious about rising our firm and buying new companies in these traces of enterprise. So groups, venues, content material, media, actual property is the place we’re wanting and we have lots happening proper now.”

Pittsburgh (5-5-4), which is at present second to final within the Metropolitan Division and final in purpose differential (-7), returns to its residence ice Tuesday to play the Buffalo Sabres. 

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