Mario Lemio will have new business partners in Pittsburgh. Fenway Sports Group (FSG), which owns the Boston Red Sox, will become the majority owner of the Penguins under an agreement signed Sunday.
The deal, which will be valued at about $900 million according to The Athletic, must be approved by the National Hockey League (NHL) Board of Governors, which is scheduled to meet in December.
Despite this change of hand, however, no disruption to the team’s organizational structure is expected. The members of the hockey department will therefore remain in office.
“The Pittsburgh Penguins is a premier NHL organization with a very strong squad, fantastic history, and a dynamic and passionate fan base,” FSG CEO Tom Werner said in a statement. We will work hard to continue building this wonderful tradition among the penguins.”
Lemieux will retain a share of the stock, as will his partner, Ron Burkle. The two men became majority owners in 1999 when they saved the club from bankruptcy. Le Magnifique essentially made the deal in exchange for nearly $20 million in unpaid wages during his first retirement.
At the same time, he became the head and will continue to manage the team.
“We are particularly pleased to welcome Mario Lemio and Ron Burkell to FSG and have great respect for all they have done to make the Penguins the organization we know today,” Warner added.
“As the Penguins enter a new chapter, I will continue to be very active and engaged with the team, and I look forward to continuing to build on our success with our new partners at FSG,” said Lemieux. They have an organizational philosophy that reflects the approach that has worked so well with Ron and I over the past 22 years.”
FSG owns Fenway Park, Liverpool FC and NASCAR Roush Fenway Racing in particular. The company is valued at more than $7 billion.
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