Red Sox owners reach agreement to buy Pittsburgh Penguins – Honolulu, Hawaii

Honolulu, Hawaii 2021-11-29 18:30:00 –

PITTSBURGH >> Mario Lemieux and Ron Burkle rescued the Pittsburgh penguins from bankruptcy over 20 years ago. This decision helped turn the team into one of the NHL’s marquee franchises.

The Pittsburgh penguins spot is safe for the next few years, with five Stanley Cup banners hanging from the rafters of the PPG Paints Arena. Remu and Berkle have handed the keys to the Fenway Sports Group.

The team today announced that FSG and Lemieux and Burkle have signed an agreement to give control of a large conglomerate over penguins. It is awaiting approval by the NHL Board of Directors and is scheduled for the end of the year. FSG already owns several well-known sports facilities, including the Boston Red Sox for Major League Baseball and Liverpool for the Premier League.

No financial details have been released. Sportico valued penguins at $ 845 million last month.

As part of the deal, Lemieux and Burkle will continue to be part of the franchise’s owning group. As the team won the Stanley Cup in 2016 and 2017 in a row, the two returned the penguins to the market in 2015 and eventually at least officially removed the “for sale” sign anyway.

“Over the years, we’ve been contacted many times by various groups interested in buying a team, but we haven’t found the right one,” Lemieux said in a statement. “But at FSG, we met a group of experienced leaders with a passion for winning the championship and a vision that is in line with us.”

There are no immediate changes to Pittsburgh’s management structure. CEO David Morehouse, general manager Ron Hextall, hockey operations president Brian Burke, and head coach Mike Sullivan all remain in their current positions.

“Pittsburgh Penguin is the premier National Hockey League franchise with a very strong organization, great history and a vibrant and passionate fan base,” FSG Chairman Tom Werner said in a statement. “We are working hard to further develop the penguins’ amazing championship and exciting playing tradition.”

Pittsburgh has reached the playoffs for the 15th consecutive year. This is the longest active streak in any of North America’s major professional sports. Consecutive wins include three championships and another trip to the Stanley Cup Finals.

“When the penguins enter a new chapter, I look forward to continuing to engage with the team as actively as ever and further developing success with FSG’s next partner,” Lemieux said. .. “They have an organizational philosophy that reflects an approach that has worked very well for Ron and me over the last 22 years.”

Penguins have stabilized after a bumpy start to the 2021-22 season. Pittsburgh has won five out of six for a four-game road trip starting today in Calgary, Alberta.

Burke and Hexor told players that the sale would be confirmed before the team skated in Calgary this morning.

Sullivan from Massachusetts, who attended high school and college in Boston, had a brief conversation with the new owner group and called the sale “a win-win” for everyone involved.

“These people have a solid track record,” Sullivan said. “I think they are fans first and foremost. I think they love sports and have been in sports for a long time.”

The penguins were on the verge of collapse when Lemieux, one of the best players in NHL history in his 17-year career, teamed up with Burkle to maintain the franchise. Their reconstruction was greatly helped by choosing goalkeeper Marc-André Fleury and centering on Evgeni Malkin and Sidney Crosby in a series of drafts from 2003-05.

The penguins traveled across the street from the Melon (Civic) Arena to the PPG Paints Arena in 2010, making them one of the NHL’s most popular tickets. Pittsburgh sold out 633 games in a row from February 14, 2007 to October 16, 2021. On October 19th, when Dallas visited, both Crosby and Malkin were out of the lineup, ending the winning streak.

The FSG was considering adding another major sports franchise to its portfolio. This spring, Los Angeles Lakers star LeBron James appeared as an investor. He says he wants to eventually own the NBA team. The FSG received a $ 750 million investment from RedBird Capital Partners in March, and the value of the sports conglomerate was $ 7.35 billion.

Red Sox owners reach agreement to buy Pittsburgh Penguins Source link Red Sox owners reach agreement to buy Pittsburgh Penguins

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