Report: Penguins' owners looking to sell minority stake
The relatively new owners of the Pittsburgh Penguins are already looking to sell off a fraction of the franchise.
Fenway Sports Group will put a minority stake in the club on the market this week, sources told ESPN's Emily Kaplan and Kevin Weekes. FSG reportedly anticipates maintaining a controlling interest in the team, and the percentage it's interested in selling is still to be determined.
The current owners bought the club from icon Mario Lemieux and Ron Burkle for $900 million in 2021. Lemieux and Burkle had controlled the team since 1999, when they rescued it from bankruptcy.
Fenway Sports Group also owns the Boston Red Sox and Premier League side Liverpool, among other properties. The group is helmed by principal owner John Henry and Tom Werner, who controls the second-largest block of shares.
FSG bought the Red Sox in 2002, and the MLB squad ended an 86-year championship drought two years later before winning it all again in 2007, 2013, and 2018. It purchased Liverpool in 2010, and the football club won the UEFA Champions League in 2018-19 before claiming the Premier League title in the next campaign.
The Penguins came into Monday sitting last in the Metropolitan Division in terms of points percentage (.471) with a 20-23-8 record.