CALGARY, Alberta -- Fenway Sports Group's agreement to purchase a majority interest in the Penguins has been finalized.
Mario Lemieux and Ron Burkle, previously the franchise's primary owners, will retain a minority interest.
Terms of the agreement were not announced, but Dejan Kovacevic reported that it is worth $900 million.
The deal still must be approved by the NHL Board of Governors -- a move widely regarded as a formality in this case -- and is expected to be completed by the end of the year, per an announcement by the Penguins.
“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.
“We are particularly excited to welcome Mario Lemieux and Ron Burkle to FSG and have the utmost respect for all they have done to build the Penguins into the perennially successful franchise we know today. We look forward to working with Mario, Ron and the entire Penguins front office team.”
Lemieux got possession of the franchise when it emerged from bankruptcy in 1999, and quickly added Burkle to his ownership group.
“As the Penguins enter a new chapter, I will continue to be as active and engaged with the team as I always have been and look forward to continuing to build on our success with our incoming partners at FSG,” Lemieux said, in a statement released by the team. “They have an organizational philosophy that mirrors the approach that worked so well for Ron and me over the past 22 years."
Penguins CEO David Morehouse said FSG "brings everything we could ask for in an ownership partner to help continue the historic success of the Pittsburgh Penguins. They understand what the Penguins mean to Pittsburgh, and they bring to us the latest in cutting-edge sports research, data analytics, player training and performance, real estate development, and organizational excellence. This combination is a truly exciting partnership that positions our club at the forefront of the future of professional sports and allows us to build upon what Ron and Mario created.”
Morehouse and the rest of the current management group will retain their positions.
