(Sports news) Ice hockey team Pittsburgh Penguins have announced they have reached an agreement with Liverpool FC owners Fenway Sports Group, subject to approval from the National Hockey League. As per the terms of the agreement, current owners Mario Lemieux and Ron Burkle will remain in ownership roles and despite no official figures being released, experts predict that the team could be sold for $700 million to $900 million. The Penguins have said that the deal could be completed by the end of the year.
Current owner Mario Lemieux said “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. They have an organizational philosophy that mirrors the approach that worked so well for Ron and me over the past 22 years”.
FSG Chairman Tom Werner said, “The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a terrific history and a vibrant, passionate fan base. 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,” Werner added.
Fenway Sports Group are also the owners of Boston Red Sox since 2002 and are currently valued at £2.5billion, making it one of the most valuable baseball teams in the world. They also own Roush Fenway Racing of Nascar and have an 80% stake of New England Sports Network. Billionaire John Henry, owner of the FSG had set his sights on owning an NHL team since the 1990s and the Pittsburgh Penguins finally becomes a part of his vast portfolio. The Penguins have attracted the highest number of viewers as per local TV ratings as well as sponsorships, social media, community and youth hockey investments and have consistently sold out more than 600 straight games.
The agreement does not only give Fenway Sports Group ownership of the team but also control over PPG Paints Arena, owned by the Pittsburgh-Allegheny County Sports & Exhibition Authority as well as development rights of a 28-acre Civic Arena site, subject to the approval of the Sports and Exhibition Authority.
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