The WSJ reports the deal could be done by the end of the week. The impending terms were not disclosed.
The Pittsburgh Penguins hockey team is in talks to be sold to Fenway Sports Group, owner of the Boston Red Sox, people familiar with the matter say https://t.co/F3zAMAclEj
— The Wall Street Journal (@WSJ) November 16, 2021
The Fenway Sports Group is the parent company of the Boston Red Sox. The value of the group was pegged in March 2021 at $7.35 billion dollars, when Lebron James and some partners invested in the group.
According to Boston.com, FSG has been eyeing the addition of sports properties ever since it received a $750 million capital boost in March, when RedBird Capital Partners became FSG’s third-largest shareholder.
FSG is the parent company of the Red Sox, Liverpool Football Club, Roush Fenway Racing, NESN, and Fenway Sports Management, plus real estate holdings that include Fenway Park and surrounding parcels.
The Penguins are currently owned by their legendary star Mario Lemieux and investor Ron Burkle. Lemieux became the owner in 1999.
By Jon Sorensen