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The Pittsburgh Penguins have gone the way of PlayStation 5 and XBOX Series X. On Monday morning, Fenway Sports Group purchased the NHL team, officially taking them off the market. So if you were planning to buy them as part of a Christmas gift, you’re out of luck.
FSG will add the Penguins to a portfolio that already includes baseball’s Boston Red Sox and the Liverpool Football Club. FSG, the Penguins and the NHL all confirmed the news by mid-morning Monday.
The Pittsburgh Penguins and Fenway Sports Group (FSG), a global sports, marketing, media, entertainment, and real estate company, today announced that FSG has entered into an agreement to acquire controlling interest in the Penguins.
— Pittsburgh Penguins (@penguins) November 29, 2021
“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 in a statement.
As part of the estimated $900 million deal, Penguins co-owners Mario Lemieux and Ron Burkle will retain an ownership stake and continue to be involved with the organization.
“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,” added Werner.
The deal still needs the approval of the National Hockey League Board of Governors, though they’re expected to sign off on the transaction prior to the end of the year.
As is custom for someone walking into hundreds of millions of dollars, Burkle expressed excitement about the team’s new leadership: “The Pittsburgh Penguins will be in good hands with FSG, and Mario and I are here to support them, committed as much as we’ve always been to the success of the franchise.”
No word on whether Fenway Sports Group snagged any stocking stuffers while they were out shopping, but if they need any ideas, they could probably buy the cross-town Pirates with whatever change they can find in the couch.
Follow along on Twitter: @OhioAF