Fenway Sports Group, owner of Red Sox, reaches agreement to buy Pittsburgh Penguins

PITTSBURGH – Fenway Sports Group has reached an agreement with Pittsburgh Penguins that would give the corporation control of one of the NHL’s franchises.

The Penguins announced Monday that the two sides have come to terms on an agreement, which will need approval from the NHL Board of Governors. A decision is expected by the end of the year.

Financial details were not disclosed. Sportico valued the Penguins at $845 million last month.

As part of the deal, Penguins Hall of Famer Mario Lemieux and co-owner Ron Burkle will remain part of the franchise’s ownership group.

There will be no immediate changes to Pittsburgh’s management structure. CEO David Morehouse, General Manager Ron Hextall, hockey executive chairman Brian Burke and head coach Mike Sullivan will both retain their current positions.

“Pittsburgh Penguins is a premier national hockey league brand with a very strong organization, a great history and a vibrant, passionate fan base,” FSG President Tom Werner said in a statement. declare. “We will work hard to continue building on the Penguins’ remarkable championship tradition and exciting play.”

The Penguins have won five Stanley Cups in their history, including three since Lemieux and Burkle took over the financially constrained franchise in 1999. Pittsburgh has made the playoffs 15 years in a row, This is the longest running streak in major North American professional sports.

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

The penguins have settled on their own after a bumpy start to the 2021-22 season. Pittsburgh has won five of six games to join a four-game road trip that begins Monday in Calgary.

FSG, which owns Major League Baseball’s Boston Red Sox and Premier League’s Liverpool, has sought to add another major sports franchise to its portfolio.

This spring, it became a star investor Los Angeles Lakers LeBron James, who has said that he eventually wants to own an NBA team. FSG received a reported $750 million investment from RedBird Capital Partners in March, valuing the sports group at $7.35 billion.

https://www.espn.com/nhl/story/_/id/32745261/fenway-sports-group-owners-red-sox-reach-deal-buy-pittsburgh-penguins Fenway Sports Group, owner of Red Sox, reaches agreement to buy Pittsburgh Penguins

Subhankar Mondal

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