The Penguins are in talks to be sold: deal almost done!

A source close to the matter has reported to the Wall Street Journal that the Fenway Sports Group LLC is in advanced talks to buy the Pittsburgh Penguins, according to people familiar with the matter.

This is the holding company that owns the Boston Red Sox. Per the Wall Street Journal, a deal could be finalized later this week, assuming the talks don’t fall apart.

Details on terms being discussed were not disclosed to the Wall Street Journal.

It has been reported in the past that owners Mario Lemieux and Ron Burkle want $750 million for the team. This is how Matt Ozanian of Forbes explained it last month:

“The $750 million figure being thrown around now includes $400 million of real estate development on the land where the team played before it moved to Consol Energy Center. Including the value of that real estate in the sale price of the team would be like selling your house and a lot of land in another part of town that is being commercially developed for total of $1 million and saying you sold your house for $1 million.”

Legendary Penguins player Mario Lemieux and Ron Burkle are the current co-owners and have hired a partnership of Don Cornwell of PJT Partners advisory firm and Morgan Stanley to facilitate the sale. It remains to be seen if they can find a deal worth anywhere from $700 million to $850 million.

According to many insiders, including Pierre LeBrun, Mario Lemieux would remain part of things but it's to be determined on whether or not Ron Burkle would be.

To be continued…