Pittsburgh Penguins About To Be Sold: Reports

PITTSBURGH, PA — The Pittsburgh Penguins likely will be sold to Fenway Sports Group, which owns the Boston Red Sox, according to multiple reports on Tuesday. Pens co-owner and former player Mario Lemieux is expected to remain a minority owner of the five-time Stanley Cup winning hockey team.

Fenway is principally owned by billionaire John Henry and NBA star LeBron James owns an interest as well. In addition to the Red Sox, Fenway owns Liverpool of the English Premier League and Roush Fenway Racing of NASCAR.

The deal, first reported by The Wall Street Journal, needs to be approved by both the Fenway Sports Group board and then the NHL Board of Governors. Reports are suggesting a deal could be in place by week's end.

Lemieux and California billionaire Ron Burkle bought the Penguins in 1999. During their tenure, the team moved from the antiquated Civic Arena to PPG Paints Arena (formerly the Consol Energy Center). Three of the franchise's five Stanley Cups have been won under their co-ownership and led by the on-ice contributions of superstar players Sidney Crosby and Evgeni Malkin.

How much the Penguins currently are worth is unclear. Forbes estimates the Penguins are worth $650 million, while Sportico recently valued the team at $845 million.

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