Fenway sports group is in advanced conversations to buy the Pittsburgh Penguins. Ron Burkle and Mario Lemieux have been the majority owners of the Penguins since 1999. The deal must be approved by the Fenway Sports Group board and would then be subject to approval by the NHL. The NHL Board of Governors must approve any potential sale.
Billionaire John Henry is the principal owner of Fenway Sports Group, whose portfolio includes the Boston Red Sox of MLB, Liverpool of the English Premier League and Roush Fenway Racing of NASCAR. Fenway Sports Group also owns real estate, including Fenway Park. NBA star LeBron James has a stake in the company:
The Penguins were on the brink of bankruptcy in 1999 when Lemieux, a franchise legend, and Burkle, an investor, led a group that bought the team for a total of $ 107 million. Lemieux and Burkle were instrumental in securing a new arena in Pittsburgh, which prevented a possible relocation. Since then, the Penguins have rediscovered success on the ice, thanks in large part to the arrival of Evgeni Malkin (No. 2 pick in 2004) and Sidney Crosby (No. 1 pick in 2005).
While Lemieux helped the Penguins win their first two Stanley Cups in 1991 and 1992, Crosby and Malkin led the franchise to three more in 2009, 2016 and 2017. According to sources, Lemieux is expected to retain a minority stake in the team if a sale is made.
According to recent assessments by Sportico, the Penguins are the NHL’s 15th most valuable team, worth $ 845 million. According to data compiled by Sportico, the average NHL team is valued at $ 934 million, and the combined market value of the 32 teams is $ 30 billion.
Burkle and Lemieux have explored selling the penguins before, including in 2015, when they hired Morgan Stanley to help them research options. Fenway Sports Group, meanwhile, has released on the growth of its sports portfolio in North America:
The penguins, like many NHL teams, have struggled financially during the pandemic. The team accepted a $ 4.8 million Paycheck Protection Program loan in 2020, and its 14-year streak of sold sales (stadium full) ended earlier this season.
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The latest NHL team sale involved the Arizona Coyotes, as Alex Meruelo took over as majority owner in 2019. The NHL has a standard agreement that prevents new owners from applying for relocation for seven years after taking over. control.
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