Fenway makes a deal to buy penguins; Lemieux continues as a hockey instructor

The sale of the Pittsburgh Penguins will be completed by the end of the year. Penguins on Monday morning said Mario Lemieux will continue as part of a group of owners and direct the hockey business.

Unlike previous reports, Ron Burkle also remains part of the owner group. Neither Penguins nor Fenway have determined how much capital Lemieux or Burkle will retain, although rumored figures ($ 850-900 million) put Fenway’s bid above most published team values.

Penguins said it will complete the deal by the end of the year.

“As the Penguins move to a new chapter, I will continue to be as active and committed to the team as ever before and look forward to building our success with our future partners at FSG,” Lemieux said. “They have an organizational philosophy that reflects an approach that has worked so well for Ron and me over the past 22 years.”

Lemieux and Burkle bought the team out of bankruptcy in 1999. Three Stanley Cups, a new arena, and 22 years later they remain part of the owner group.

The leadership of the Pittsburgh Penguins will also remain unchanged, including CEO David Morehouse, Chief Operating Officer Kevin Acklin, Hockey Director Brian Burke, CEO Ron Hextall and head coach Mike Sullivan.

The Fenway Group the purchase includes all Penguins holdings, from the team, entertainment and real estate.

“Fenway Sports Group brings everything we can ask of an ownership partner to help continue the historic success of the Pittsburgh Penguins,” said Morehouse. “They understand what the Penguins mean to Pittsburgh, and they bring us the latest in sports research, data analytics, player training and performance, real estate development and organizational excellence. This combination is a truly exciting partnership that puts our club at the forefront of future professional sports and allows us to build and Marion to create. “

The Penguins have had some difficulties with the city in developing the Hill District, but these were resolved recently. Development work continues on the land surrounding the PPG Paints Arena.

“As the Penguins move to a new chapter, I will continue to be as active and committed to the team as ever before and look forward to building our success with our future partners at FSG,” Lemieux said. “They have an organizational philosophy that reflects an approach that has worked so well for Ron and me over the past 22 years.”

The Penguins have become the NHL’s leading game series and one of the most prominent in the sport. The team sold out more than 600 games in a row, and last season the Pittsburgh Penguins had the highest TV ratings of any NHL or NBA team.

The final step in the sale is for it to be approved by the NHL board. Bank of America acted as financial advisor to FSG and financial advisor to Citi Penguins. Reed Smith acted as legal counsel to the Penguins in the transaction.