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Multiple Reports Say Fenway Group Buying the Pittsburgh Penguins

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Pittsburgh Penguins, Mario Lemieux

The Fenway Group, which owns the Boston Red Sox, Liverpool FC, and a NASCAR team, is about to buy the Pittsburgh Penguins, according to multiple national reports, including the Wall Street Journal and TSN.

Sportico reports it’s a done deal to be completed on Thursday. WSJ reported the talks were advanced. According to Sportico’s latest valuation, the Pittsburgh Penguins organization is worth about $845 million, ranking 15th in the NHL.

The deal would still have to be approved by the NHL.

UPDATE: The Sportico report also suggests Lemieux could keep a small stake in the Penguins.

Fenway Group is backed by billionaire owner John Henry. The fabled Boston Red Sox, the Liverpool English Football team (soccer), and Rousch Fenway Racing (NASCAR) are among the holdings.

Fenway Group is valued at $7 billion. LeBron James is also an investor.

Mario Lemieux and the Pittsburgh Penguins have been synonymous since the pimply-faced teenager was selected first overall in the 1984 NHL Draft. Lemieux saved the Penguins with his extraordinary career. Then he saved them again when he converted his debt to equity and found additional financing to buy the team.

Lemieux and California billionaire Ron Burkle have co-owned the team since 1999.

Lemieux completed his Penguins-saving hat trick when he pushed through the deal for PPG Paints Arena.

Five Stanley Cups and 37 years.

The Pittsburgh Penguins have the highest television ratings of any NHL or NBA team in the United States. Last season, the team averaged a 7.8 rating. The Penguins’ sellout streak reached 633 before ending earlier this season.

The details are breaking and not yet public. Pittsburgh Hockey Now will provide more details as we’re able to confirm or as they become public.

 

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Pittsburgh Hockey Now Editor-in-Chief, formerly 93.7 The Fan, Sportsnet Hockey Tonight, NHL Home Ice. Catch Dan tweeting @theDanKingerski and the official @pghhockeynow account.

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Uros
Uros
11 days ago

Does this mean John Oliver will start watching hockey and root for us?

Peter Hoffman
Peter Hoffman
11 days ago

I was wondering why 66 had been totally silent about the team this year.

BIG GUY
BIG GUY
10 days ago

Bet Mario stays on as Gov. and exec.

Katherine Verbeke
Katherine Verbeke
10 days ago

By the way, I had my high school students in Philly convinced that this picture was of me and Mario. My hair was (is)n exactly like this. LOL – I wish.

David
David
10 days ago

Sounds like the ownership is bailing because they know this Crosby era — the contending part — is coming to a close.

moe
moe
10 days ago
Reply to  David

Is that all you can come up with?
It is a business, and all things in business are for sale and to be bought. It’s called commerce!

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