The Pittsburgh Penguins are one step close to being sold to the Fenway Sports Group with former majority co-owners Mario Lemieux and Ron Burkle both staying part of the ownership group.
The deal was announced on Monday morning and is now subject to approval from the NHL’s Board of Governors and the Pittsburgh Sports and Exhibition Group. The deal is expected to close sometime in December.
At first, not much will change in the day-to-day operations of the Penguins with Lemieux continuing his role helping hockey operations, CEO David Morehouse, COO Kevin Acklin, President of Hockey Operations Brian Burke, General Manager Ron Hextall and coach Mike Sullivan all remain in place in their respective roles.
“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,” said FSG Chairman Tom Werner is a statement. “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.”
“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.”
Lemieux and Burkle pulled the Penguins out of Bankruptcy in 1999 and since have helped bring three Stanley Cup Championships to Pittsburgh and a new hockey venue, PPG Paints Arena, that opened in 2010.
The official numbers of the deal were not disclosed but at the Post-Gazette reports, it could be between $700 million to $900 million.
Along with controlling interest in the team, FSG will also have control of PPG Paints Arena and development rights for the old Civic Arena site.
FSG own the Boston Red Sox, Liverpool F.C. and have reportedly been looking into purchasing an NBA team.