Fenway Group set to buy Penguins

Fenway Sports Group reached a deal to purchase the Pittsburgh Penguins on Monday.

The company’s growing portfolio also includes the Boston Red Sox and Liverpool FC of the Premier League, and will pay approximately US$900 million to acquire controlling interest in the NHL club.

Current Penguins owners Mario Lemieux and Ron Burkle remain part of the ownership group, according to a news release from FSG.

Lemieux will also continue his role guiding hockey operations.

Also remaining in place are CEO David Morehouse, COO Kevin Acklin, president of hockey operations Brian Burke, general manager Ron Hextall and coach Mike Sullivan.

The deal is subject to approval by the NHL’S Board of Governors and is expected to close by the end of the year.

“The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a terrific history and a vibrant, passionate fan base,” FSG chairman Tom Werner said.

“We will work diligently to continue building on the remarkable Penguins’ tradition of championships and exciting play.

Lemieux and Burkle purchased the team in 1999 and have enjoyed a 22-year partnership that included winning three Stanley Cups (2009, 2016 and 2017) and the 2010 opening of PPG Paints Arena.