Report: The Pittsburgh Penguins may be sold as soon as this week
A bombshell report from the Wall Street Journal suggests the NHL’s Pittsburgh Penguins may be sold as soon as this week.
Fenway Sports Group LLC — the holding company that owns Major League Baseball’s Boston Red Sox and Fenway Park — are in advanced talks to purchase the Penguins, the Journal reported citing unnamed sources familiar with the matter.
Assuming talks don’t fall apart, the Journal reported that the sale could be finalized later this week.
According to Forbes, the Penguins are the 11th most valuable franchise in the league at an estimated current value of $650 million — a two-percent decrease from the previous year.
Fenway Sports Group, head manned by founder John W. Henry, also owns the English Premier League’s Liverpool FC, its stadium, Anfield, and a 50 percent stake in Roush Fenway Keselowski Racing, which competes in NASCAR.
Since 1999, the Penguins have been owned by Ron Burkle and former Penguins superstar Mario Lemieux. The two purchased the team out of bankruptcy, and have helped shape it into one of the NHL’s premier clubs.
Despite missing the playoffs in four of the first six years, the Penguins have gone on to win three Stanley Cups and reach the finals one other time. The club has made the playoffs each season since 2006-07.
Zach Laing is the Nation Network’s news director and senior columnist. He can be followed on Twitter at @zjlaing, or reached by email at zach@oilersnation.com.