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Fenway Sports Group are reportedly in advanced discussions to sell the Pittsburgh Penguins.
Liverpool owners Fenway Sports Group (FSG) are closing in on a sale of one of their teams.
The Boston-based group are poised to sell the National League Hockey team Pittsburgh Penguins just four years after purchasing the team. FSG paid around £600 million ($900 million) to purchase the Penguins in December 2021. The Pennsylvania-based outfit were the third major sports team that FSG added to their portfolio, having owned Liverpool and Major League Baseball franchise the Boston Red Sox since 2010 and 2002 respectively.
FSG have restored Liverpool to the European elite, with two Premier Leagues and the Champions League won during their tenure. At the Red Sox, there have been four World Series title scooped.
However, there has not been the same success at the Penguins and they have failed to make the play-offs in the past three seasons. And having been in talks for several months, several reports Stateside suggest that a sale agreement with the Chicago-based Hoffmann family has been agreed.
The Athletic suggests that the deal will be worth up to £1.34 million ($1.8 billion), which means FSG could be set to make a profit of £740 million in just four years. The deal must be approved by the NHL Board of Governors — the other 31 team owners or their appointed representatives — before it can be ratified.
It is suggested by The Athletic that Penguin fans have seen FSG as a ‘corporate machine’ and the firm have never been particularly popular as John Henry & Co. have no ties to Pittsburgh. FSG have invested up to the NHL’s salary cap and also spent money on the Penguins’ PPG Paints Arena. Significant changes to the backroom have also been made. However, it is said that the Penguins were never going to be placed on the same level as Liverpool or the Red Sox.
FSG’s portfolio also includes a 50 per cent stake in NASCAR’s RFK Racing and Boston Common Golf of the Tomorrow’s Golf League. In addition, FSG spearheaded a consortium named the Strategic Sports Group to invest up to $3 billion in the PGA Tour via a for-profit entity PGA Tour Enterprises.
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