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.