Anddddd…. SOLD !
The rumored sale of the Pittsburgh Penguins to Fenway Sports Group has officially been confirmed as true. The Pittsburgh Penguins are officially under new ownership.
According to Pierre LeBrun, the price tag of the Pittsburgh Penguins was believed to be a hefty $900 Million USD.
The Pittsburgh Penguins and Fenway Sports Group (FSG), a global sports, marketing, media, entertainment, and real estate company, today announced that FSG has entered into an agreement to acquire controlling interest in the Pittsburgh Penguins hockey team. The deal, which is subject to approval by the National Hockey League (NHL) Board of Governors, is expected to close before the end of the year.
As part of the transaction, Mario Lemieux and Ron Burkle will remain part of the ownership group and will be closely aligned with FSG. Lemieux, a member of the Hockey Hall of Fame, will continue his role guiding hockey operations for the organization. In addition, continuity of leadership will be maintained among the club’s senior management team of CEO David Morehouse, COO Kevin Acklin, President of Hockey Operations Brian Burke, General Manager Ron Hextall, and Head Coach Mike Sullivan.
FSG Chairman Tom Werner said, “The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a terrific history and a vibrant, passionate fan base. We will work diligently to continue building on the remarkable Penguins’ tradition of championships and exciting play."
“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. We look forward to working with Mario, Ron and the entire Penguins front office team.”
Mario Lemieux will stay apart of the Pittsburgh Penguins organization.
“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.”
“Fenway Sports Group brings everything we could ask for in an ownership partner to help continue the historic success of the Pittsburgh Penguins,” said Morehouse. “They understand what the Penguins mean to Pittsburgh, and they bring to us the latest in cutting-edge sports research, data analytics, player training and performance, real estate development, and organizational excellence. This combination is a truly exciting partnership that positions our club at the forefront of the future of professional sports and allows us to build upon what Ron and Mario created.”
This is not the first time the Lemieux group has attempted to sell the team, the Penguins have been looking for new owners since as early as 2016.
The NHL's board of governors will still have to approve the purchase in a meeting, however, as Fenway Sports Group has such a strong reputation, the approval is almost a guarantee.
Fenway Sports Group (FSG) owns the Boston Red Sox of the MLB, and Liverpool F.C. of the English premier League.
This will be interesting to see how it works out for this Penguins team. Expect Fenway Sports to find ways to bring this franchise to the next level.
