Fenway Sports Group nearing agreement to buy Pittsburgh Penguins


The Fenway Sports Group, whose portfolio includes the Red Sox, is expected to buy the Penguins, according to The Wall Street Journal and Sportico. The report has been confirmed by ESPN.

The two sides are near an agreement and the FSG board will vote to approve the deal on Thursday, per Sportico. If the two sides can come to an agreement, the NHL board of governors will need to approve the deal.

FSG is backed by billionaire John Henry while Ron Burkle and Mario Lemieux have been the Penguins’ majority owners since 1999. Lemieux, Pittsburgh’s all-time leading scorer who won two Stanley Cups as a player in 1991 and 1992, would still maintain a minority stake in the team if the deal goes through, per ESPN.

It’s unclear how much FSG would pay for the NHL franchise, but its estimated value is $845 million, according to Sportico. Besides the Red Sox, FSG’s portfolio includes Liverpool of the Premier League and Roush Fenway Racing of NASCAR. Lakers star LeBron James also has stake in the company.

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