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Penguins Sale Approved by NHL Board of Governors

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Pittsburgh Pentuins sale, Mario Lemieux, John Henry
Mario Lemieux (left), John Henry (Right)

The majority share of the Pittsburgh Penguins will soon be the property of the Fenway Group. The NHL Board of Governors approved the sale of the Penguins to Fenway Group at the league meeting Thursday. TSN reporter Pierre LeBrun was the first to report the approval, and it was confirmed by the league shortly after 5 p.m..

The Board of Governors is meeting in Florida this week, and the matter was cleared on Day 1 of the meetings.

The rumored sale price was between $850 and 900 million, approximately 25% more than published but unofficial valuations. Per previous Penguins news releases, Mario Lemieux and Rob Burkle will remain part of the Penguins ownership. Fenway Group specifically reported Lemieux would remain to “guide” hockey operations.

A date for the official takeover has not yet been made public. The Fenway Group’s portfolio also includes the Boston Red Sox, Rousch Fenway Racing team in NASCAR, and the Liverpool Football Club of the English Premier.

Other high-profile athletes and celebrities are part of the Fenway Group investors. John Henry is the principal and joined by the company which owns the New York Times and NBA star LeBron James.

Update: According to the NHL press release, the vote was unanimous. The purchase remains subject to negotiation and execution of documentation before the transaction can be closed.

The Pittsburgh Penguins statement:

 

Editor’s note: The story was updated to reflect league confirmation.

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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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