The Pittsburgh Penguins New Ownership


Josh Hoerner, Author

The Pittsburgh Penguins officially have new ownership.  The Fenway Sports Group (who also owns the Boston Red Sox) has bought the Penguins for over 900 million dollars.  The sale is pending league approval but has passed the approval of the Pittsburgh Penguins and Fenway Sports Group Boards.  Mario Lemieux and Ron Burkle bought the Penguins from bankruptcy for 107 million.  Now, they hit big on their investment.  Lemieux will remain with the team but in a much smaller role.  The news came out rather surprising, as there weren’t any rumors or rumblings about the sale. 

Lemieux is one of the greatest players to ever play in the NHL. I never envisioned him selling the team this early, but maybe this is the right timing.  New ownership has shown that they will spend money to better the team.  However, they will also attempt to make money.  An interesting part of the transaction is that the Fenway Sports Group will also gain ownership of the Civic Arena, right next to PPG Paints Arena. Could this maybe lead to new hotels being built?  We will find out.  

The Penguins franchise has taken an interesting turn.  From losing GM Jim Rutherford to hiring Ron Hextall and Ron Burke, to the new ownership change.  Their core players from the many Stanley Cup runs are now aging.  But, the future in Pittsburgh is still very bright.  

Lets Go Pens!