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Report: FSG Exploring Sale of Stake in Penguins

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Pittsburgh 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.