CINCINNATI -- The Penguins and Fenway Sports Group have signed a purchase agreement, essentially completing the sale, a source with firsthand knowledge told me Sunday evening.
The source added that both Mario Lemieux and Ron Burkle will remain as part of the team's ownership group, one which will be headed by FSG patriarch John Henry.
A formal announcement is expected Monday.
The final step will require NHL Board of Governors approval, which is universally expected. Once that's done, many more details will emerge from the parties themselves as they'll be free to speak publicly on the process to date and the plans for what's to come.
As I previously reported, the sale price is $900 million.
This development came less than two weeks after it was learned that FSG was pursuing a purchase of the Penguins. The Boston-based group, with deep pockets and connections throughout the sports world, also owns the Red Sox of Major League Baseball, and Liverpool FC of the English Premier League.
FSG has won big since owning its two marquee franchises, with the Red Sox capturing four World Series crowns and Liverpool winning an EPL and UEFA Champions League title.
One of the group's hallmarks, as our Tom Reed reported two weeks ago, is identifying the right people to run a team. In the case of the Penguins, FSG clearly liked the idea of keeping Lemieux and Burkle as part of the ownership group to lend expertise, credibility and continuity. I'm told that FSG requested that Lemieux, specifically, stays on. He has, of course, had a hand in all five Stanley Cups won by the Penguins, first as a player and then owner. In contrast, FSG, which also includes a NASCAR race team and a New England-based cable network as part of its portfolio, has no experience in hockey.
FSG's financial backing and ability to broker partnerships figures to put the Penguins on even firmer economic ground. The global pandemic has put a squeeze on almost all sports franchises, cutting deeply into bottom lines. FSG is well equipped to weather almost any financial storm with enterprise valuation set at $7.35 billion.
