The Fenway Sports Group has officially taken over the Pittsburgh Penguins. (Photo via Getty)
The Pittsburgh Penguins exchange hands.
The rumored transaction between Fenway Sports Group and the Ron Burkle and Mario Lemieux-led Penguins owner coalition was officially announced on Monday morning when the high-profile investment group, which also owns the Boston Red Sox and Liverpool, won the NHL club for “around” bought $ 900 million, “said TSN’s Pierre LeBrun.
For Burkle and Lemieux, this is a significant financial godsend. The two helped save the organization from some financial settlement when they took over the club for allegedly $ 107 million in 1999.
Burkle will remain part of the owners group but can now use his staggering winnings after three Stanley Cup championships to fight companies reportedly damaged by the pandemic.
Lemieux is also staying and is likely to remain in his leadership role in “running the hockey business”.
Brian Burke, Ron Hextall and other senior management members will continue to serve under Lemieux.
The reported price of $ 900 million is a key figure in terms of NHL value. There have been reports that the NHL has rejected transactions for less than $ 750 million in recent years.
The value of the Penguins deal suggests that the base value has increased significantly, although the Carolina Hurricanes and Arizona Coyotes have seen significantly fewer sales over the past five years.
LeBron James is part of the Fenway Sports Group’s investing team, which is an interesting part of the deal for the NHL as well. The FSG is expected to turn its attention to buying an NBA franchise and other sporting real estate after adding a high-profile NHL team to its portfolio.
The latest NHL franchise to define its value was the Seattle Kraken at $ 650 million, but as an upcoming expansion franchise, that would count as apples to oranges compared to the penguins.
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