Pittsburgh Penguins, Fenway Sports Group Reach Agreement On Sale Of Team
PITTSBURGH (KDKA) -- The Pittsburgh Penguins will officially have a new ownership group in the near future.
This morning, the team announced they have entered into an agreement with the Fenway Sports Group out of the Boston area.
Current owners Mario Lemieux and Ron Burkle will remain with the team in an ownership role.
"He's kind of the face of the team at this point," Penguins fan Chris said. "He graduated high school the same year I did. He's been here as long as I have. I'm happy he will still be a part."
There would still be a few hurdles to complete before it's a done deal, including the National Hockey League approving the deal.
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"As the Penguins enter a new chapter, I will continue to be as active and engaged with the team as I always have been and look forward to continuing to build on our success with our incoming partners at FSG," Lemieux said. "They have an organizational philosophy that mirrors the approach that worked so well for Ron and me over the past 22 years."
The Fenway Sports Group currently owns the Boston Red Sox, Liverpool Football Club and Roush Fenway Racing.
FSG Chairman Tom Werner said, "The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a terrific history and a vibrant, passionate fan base. We will work diligently to continue building on the remarkable Penguins' tradition of championships and exciting play.
"We are particularly excited to welcome Mario Lemieux and Ron Burkle to FSG and have the utmost respect for all they have done to build the Penguins into the perennially successful franchise we know today. We look forward to working with Mario, Ron and the entire Penguins front office team," Werner added.
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There are no details of the sale yet, but some experts predict the team could be sold for $700 million to $900 million.
The Fenway Sports Group is valued around $7 billion.
The deal, which is subject to approval by the National Hockey League (NHL) Board of Governors, is expected to close before the end of the year.
— Pittsburgh Penguins (@penguins) November 29, 2021
Since this new ownership would take control of the PPG Paints Arena and former Civic Arena site in the Lower Hill, both of those transactions need approval from the Sports and Exhibition Authority.
Pittsburgh mayor-elect Ed Gainey has said he's looking forward to discussing Lower Hill redevelopment.
"We still have to get up to speed on that. We're looking forward to that. Looking forward to having conversations with the Fenway Group and everybody else," Gainey said.
Hill Community Development Corporation president and CEO Marimba Milliones sent a statement, saying in part:
"There is much interest in seeing how the potential new ownership group will handle the development of the Lower Hill. The Hill CDC is hopeful that the importance of this site and its future an opportunity to redress the negative impacts of urban renewal that decimated communities like the Hill District are an ongoing consideration, and specifically that The Fenway Sports Group has begun to think about how the Penguins' organization can fulfill all of its commitments to the Hill District community as a part of the transaction and organizational tragedy."
According to the Penguins, the deal is expected to be completed by the end of the year.