Report: FSG Exploring Sale of Stake in Penguins
Fenway Sports Group, which owns the Pittsburgh Penguins, is considering selling a minority stake in the team, according to a report Monday by ESPN’s Kevin Weekes and Emily Kaplan.
The report indicated that while FSG is looking for an additional investor or investors to take on equity in the club, FSG will retain the majority interest in the Penguins.
Hall of Fame Penguins center Mario Lemieux and business partner Ron Burkle sold the Penguins to FSG in 2021 for $900 million. In October, Sportico valued the Penguins at $1.47 billion in its value ranking of all 32 NHL teams.
FSG also owns the Boston Red Sox, soccer club Liverpool and NASCAR’s RFK Racing, among other entities. In 2023, FSG sold a minority stake in Liverpool.
Lemieux and Burkle retained a small stake in the Penguins upon the sale. NBA megastar LeBron James and RedBird Capital are also known to be involved in the FSG portfolio in minority stake roles. It’s unclear if any or all would retain a stake in the Penguins if or when FSG sells any sort of stake in the team.
It is unclear whether any new FSG investors with the Penguins would have any influence on the governance of the team.
Categorized:Penguins
Massholes
That would not be a good investment…
Horrible investment. Going to really fall fast in value and talent. Ownership, Management is not among the best in the NHL. You can see why Maple Leafs Organization and fans ecstatic getting rid of GM.
Here’s the chance for anyone unhappy with management!
I wouldn’t want to spoil your happiness. Things are going so well since FSG took over that it would be a shame to see someone waste all that success with incompetency.
It wasn’t that great before FSG either. Mario and Ron saw this coming.
So, FSG are also incompetent businessmen, other than being incompetent in running a hockey franchise, because they were conned by those who knew what was coming for $900m? I won’t conyradict you on this.
This strikes me as FSG perhaps having figured out that hockey isn’t for them and foaming the runway towards getting out.
They did same with Liverpool. Took on money to reinvest. Given the coming meteoric rise of the salary cap (meaning spike in revenues), they’ll sell the stake at a higher valuation than they paid. It’s like at the black jack table when you put the winnings in your pocket and keep playing with the original stack.
FSG is cancer, and we all know removing a little bit of cancer is not good enough.
Quick!…. Get Bob Nutting on the phone…another franchise to ruin!