Report: Penguins owners are selling off
The team's ownership group has been at the helm for just 3 years after purchasing majority from Mario Lemieux.
According to a report from ESPN insiders Kevin Weekes and Emily Kaplan, the owners of the Pittsburgh Penguins, Fenway Sports, is taking the team to market and is selling off a portion of its ownership.
From Kaplan:
Fenway Sports Group is taking the Pittsburgh Penguins to market this week to explore selling a minority stake, multiple sources told ESPN on Monday.
It is still to be determined what percentage of the team Fenway is looking to sell, but FSG still expects to be the controlling owners, sources told ESPN.
FSG did something similar with Liverpool in 2023, selling a minority stake of the EPL team to New York-based sports investment firm Dynasty Equity.
Fenway bought controlling interest of the Penguins in 2021 for $900 million. The Penguins were previously owned by Ron Burkle and franchise legend Mario Lemieux, who had bought the team and saved it from bankruptcy in 1999. That group helped keep the Penguins in Pittsburgh, then the club went on to win three Stanley Cups from 2009 to 2017 with its current core player group of Sidney Crosby, Evgeni Malkin and Kris Letang. Lemieux has remained involved with the team after the sale to Fenway.- Emily Kaplan
A change in ownership structure will, of course, have to be approved by NHL commissioner Gary Bettman and the league's Board of Governors.
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