Fenway Sports Group to buy control of the Pittsburgh Penguins, reportedly

One of the NHL’s most historic franchises may soon be under new ownership. Based on Sportico, Fenway Sports Group will buy a controlling stake in Pittsburgh Penguins, pending approval from FSG board members and NHL.

Terms of the deal have yet to be revealed, but the Penguins, who have made 15 consecutive playoffs, have won three Stanley Cups since 2009 and have the highest percentage of local ratings. compared to any NHL team last season – is valuable at $845 million in October. Fourteen NHL teams are worth more.

FSG, led by billionaire John Henry, will take ownership from Mario Lemieux and Ron Burkle, but Lemieux is said to be able to retain a small portion of its equity. A Hall of Famer who played in his 17 NHL seasons with the Penguins, Lemieux joined Burkle to buy the team out of bankruptcy in 1999. Lemieux is the only person in NHL history to win the Stanley Cup as a Stanley Cup. was a player (1991, 1992) and owner (2009, 2016, 2017).

If the deal is approved, the Penguins will join the Boston Red Sox, Fenway Park, Liverpool FC and Roush Fenway Racing in the FSG portfolio. FSG is valuable at $7.35 billion after RedBird Capital and Los Angeles Lakers star LeBron James invested earlier this year.

TSN report The deal could be done as soon as this week, a development that is not surprising given the recent foreshadowing of the FSG.

“We see FSG very much as a platform for sports, entertainment, real estate, content, media and the like,” Red Sox CEO Sam Kennedy told the Sporticast podcast on last month. “We’re very interested in growing our company and acquiring new businesses in those business areas. So the team, the location, the content, the media, the real estate are all the things. where we are looking and we have a lot of work to do right now.”

Pittsburgh (5-5-4), currently second-last in the Metropolitan Division and last on goal difference (-7), is back at home on Tuesday to play the game. Buffalo Sabers.

https://www.cbssports.com/nhl/news/fenway-sports-group-to-purchase-controlling-interest-in-pittsburgh-penguins-per-reports/ | Fenway Sports Group to buy control of the Pittsburgh Penguins, reportedly

Subhankar Mondal

24ssports is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@24ssports.com. The content will be deleted within 24 hours.

Related Articles

Back to top button