Boston Red Sox owner poised to buy Pittsburgh Penguins
Boston Red Sox owner Fenway Sports Group is close to a deal to buy the Pittsburgh Penguins, according to sources familiar with the agreement.
Boston Red Sox owner Fenway Sports Group is in talks to close a deal to buy the Pittsburgh Penguins, according to sources familiar with the agreement.
The ice hockey team’s senior leadership is reportedly not expected to be affected by the sale.
The Penguins' survival
Co-owners Mario Lemieux and Ron Burkle had brought together some investors in 1999 to pull the professional ice hockey team out of bankruptcy. Lemieux has been a big part of the team since he started playing with the Penguins in 1984.
The Wall Street Journal first reported that the deal was being struck, saying that it could be finalized in just a few days.
Fenway's deep pockets
Fenway Sports Group was founded in 2001 by its principal owner billionaire John Henry. The group also owns other sports organizations such as the Liverpool Football Club and half of NASCAR’s Roush Fenway Racing.
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Other stakeholders in Fenway Sports Group include NBA superstar LeBron James and record executive Jimmy Iovine.
The Pittsburgh Penguins have successfully competed in the National Hockey League, reaching all the playoffs in the past 15 seasons.