Mario Lemieux Not Close to Penguins Price Tag

Mario Lemieux has some negotiating to do if he wants to reclaim control of the Pittsburgh Penguins.

Feb 18, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Penguins former center Mario Lemieux gestures to the crowd during a ceremony to retire the jersey number of Penguins former right wing Jaromir Jagr (not pictured) at PPG Paints Arena. The Penguins host the Los Angeles Kings after the ceremony. Mandatory Credit: Charles LeClaire-Imagn Images / Charles LeClaire-Imagn Images

Ever since TSN’s Pierre LeBrun first reported that a group led by Mario Lemieux had an interest in buying back the Pittsburgh Penguins, fans have been waiting for more news to creep out. Later reports indicated that Lemieux, Ron Burkle and David Morehouse are focused on gaining full control of the Penguins from Fenway Sports Group (FSG) rather than a partial stake.

While FSG has began looking for partial shareholders, the former Penguins owner has his sights set on something bigger. Lemieux may be very interested, but there is a lot of ground that needs to be covered before any sort of ownership change can take place in Pittsburgh.

The first hurdle to cross is the price tag. According to Elliotte Friedman on the 32 Thoughts Podcast, Lemieux is well short of FSG’s current asking price.

“I can understand why the Penguins fans would be excited about the possibility of Lemieux, he’s a God there,” Friedman said. “The only thing I’ve heard about that so far is that they’re just well below what Fenway would want to be the number.”

Fenway purchased the Penguins in 2021 from Lemieux and Burkle for $900 million. Since then, every team in the NHL has seen their valuation blossom to over $1 billion, making the price a bit steeper for Lemieux.

Friedman reference the recent sale of the Tampa Bay Lightning as a barometer of where the Penguins sale price may hover around.

“The Lightning sold for around $1.8 billion, I got to think that’s where the Penguins would want to be,” Friedman said. “From what I understand the bid is just not close to that at this point in time.”

Lemieux owned the Penguins from 1999 to 2021, with Burkle by his side the whole way. Morehouse joined the organization in 2007, eventually holding the titles of president and CEO.

The Penguins have missed the Stanley Cup Playoffs in three consecutive seasons and are likely going to be a lottery team at the end of the 2025-26 season. Despite the losing seasons, FSG is still setting a large price tag for their hockey club.

Make sure you bookmark Breakaway On SI for the latest news, exclusive interviews, recruiting coverage, and more!

• USA GM Lays Out Winter Olympics Expectations
• Canadiens Prospect Earns Praise From Finnish Head Coach
• NHL Journeyman Goalie Announces Retirement
• Maple Leafs Showing Low Confidence in Promising Forward
• Devils Legend’s Son Looking to Create Path With Team