Pittsburgh’s Sports & Exhibition Authority voted unanimously Thursday to approve the sale of the Pittsburgh Penguins to Fenway Sports Group.
The National Hockey League’s Board of Governors also unanimously approved the sale Thursday.
Reports that Fenway Sports Group entered into negotiations to buy the Penguins began circulating last month. The company, valued at more than $7 billion, already has a portfolio that includes MLB’s Boston Red Sox, iconic Fenway Park, the Premier League’s Liverpool FC and a NASCAR racing team.
According to the NHL, “The purchase remains subject to negotiation and execution of documentation before the transaction can be closed.”
Board of Governors approves sale of majority interest in @Penguins to Fenway Sports Group. https://t.co/ns9m7am9c7 pic.twitter.com/9TFVQjrcBr
— NHL Public Relations (@PR_NHL) December 9, 2021
Current Penguins owners Mario Lemieux and Ron Burkle, who bought the team in 1999, will remain minority owners. The Hall of Famer Lemieux will continue to oversee hockey operations.
The deal with Fenway Sports Group is said to be in the range of $900 million.
Other members of the current leadership — including CEO David Morehouse, COO Kevin Acklin, president of hockey operations Brian Burke, general manager Ron Hextall and coach Mike Sullivan — will remain in their positions.
“Fenway brings to the Pittsburgh Penguins everything we can ask for in an ownership partner to continue the historic success of our franchise,” Morehouse said in a statement released by the team. “They understand what the Penguins mean to Pittsburgh, they know how to win, they are a great cultural fit with our staff and our city, and they can be trusted to build upon the legacy of what Mario and Ron created here.”
Mary Conturo, executive director of the Sports and Exhibition Authority, confirmed the unanimous vote Thursday but declined to offer further comment.
