Tottenham 1-2 Liverpool: Match Review
Fenway Sports Group have agreed to sell the Pittsburgh Penguins just four years after purchasing the team.
Liverpool owners Fenway Sports Group (FSG) have confirmed that they are in the process of selling one of their teams.
The Boston-based firm have entered a ‘definitive agreement’ with Hoffmann Family of Companies over parting ways with the Pittsburgh Penguins.
FSG purchased the National Hockey League outfit only four years ago for a reported fee of around £600 million ($900 million) at the time. The Penguins were the third major team added to FSG’s portfolio after Liverpool and Major League Baseball side the Boston Red Sox.
However, while FSG have delivered success at the Reds - with two Premier League and the Champions League won during their 15-year tenure - and the Red Sox have claimed four World Series crowns, their ownership of the Penguins has not yielded the same results. The Pennsylvania-based side have missed out on the play-offs in the past three years.
Still, the valuation of the Penguins has increased markedly during FSG’s ownership. There have been suggestions the team is now worth between £1.19-£1.26 billion, with Sporticosuggesting the latter. If that fee is correct then FSG will be in line to make a profit in the region of £666 million. The deal if subject of approval from the NHL board of governors.
FSG’s CEO Sam Kennedy said that while looking for new investment, the Chicago-based Hoffman family made an offer to to acquire a controlling interest. Kennedy said: “During a formal process to explore investor interest in the Pittsburgh Penguins, we were approached by the Hoffmann family with an offer that warranted serious consideration.
“From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest.
“We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that’s been built. It has been an honor to be part of the Penguins’ story, working alongside a world-class leadership team, passionate fans, and a dedicated community. We are proud of the strong foundation we’ve built, and with Kyle Dubas continuing to lead hockey operations, the Penguins are well positioned to carry out the plan in place to reclaim their place as perennial Stanley Cup contenders.”
In September 2023, FSG sold a minority stake of Liverpool to Dynasty Equity for between the region of £80-160 million.
John Henry & Co also own a 50 per cent stake of NASCAR’s RFK Racing and Boston Common Golf of Tomorrow’s Golf League. FSG also spearheaded a consortium named the Strategic Sports Group to invest up to $3 billion in the PGA Tour.
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