Fenway Sports Group to acquire Penguins

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The Fenway Sports Group reached a deal to buy the Pittsburgh Penguins on Monday.

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Fenway Sports Group confirmed this decision in a press release. The growing portfolio also includes the Boston Red Sox and Premier League’s Liverpool FC, and will pay around $ 900 million to acquire a controlling stake in the NHL club.

Current Penguins owners Mario Lemieux and Ron Burkle are still part of the ownership group, according to a press release from FSG.

Lemieux will also continue his role as director of hockey operations. CEO David Morehouse, COO Kevin Acklin, president of hockey operations Brian Burke, general manager Ron Hextall and coach Mike Sullivan also remain in place.

The deal is subject to approval by the NHL Board of Governors and is expected to be concluded by the end of the year.

“The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a great history and a vibrant and passionate fan base,” said FSG President Tom Werner. “We will work diligently to continue to build on the Penguins’ remarkable tradition of championships and exciting play.

“We are especially delighted to welcome Mario Lemieux and Ron Burkle to the FSG and we have the utmost respect for all they have done to make the Penguins the ever-successful franchise that we know today. We look forward to working with Mario, Ron and the entire Penguins front office team.

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Lemieux and Burkle bought the team in 1999 and enjoyed a 22-year partnership that included winning three Stanley Cups (2009, 2016 and 2017) and the 2010 opening of the PPG Paints Arena.

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

“Mario and I came together and are excited to be part of the new group of owners,” said Burkle. “The Pittsburgh Penguins will be in good hands with FSG, and Mario and I are here to support them, as committed as we always have been to the success of the franchise.”

Mainly owned by John Henry, Fenway Sports Group bought the Red Sox in 2001 and Liverpool in 2010. Henry is also part owner of NASCAR’s Roush Fenway Keselowski Racing team.

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