Penguins Ownership Looking to Sell Stake in Team

Fenway Sports Group is looking to sell a minority stake of the Pittsburgh Penguins.

Apr 2, 2023; Pittsburgh, Pennsylvania, USA; Fenway Sports Group chairman Tom Werner (left) and Pittsburgh Penguins president Kevin Acklin (right) congratulate defenseman Kris Letang (58) before Letang plays in his 1000th career NHL game against the Philadelphia Flyers at PPG Paints Arena. The Penguins won 4-2. Mandatory Credit: Charles LeClaire-Imagn Images / Charles LeClaire-Imagn Images

It’s only been about four years since Fenway Sports Group (FSG) purchased the Pittsburgh Penguins, and it looks like they’re already taking the team to market. FSG isn’t completely selling the Penguins and will remain majority owners, but a report has indicated they are looking to sell a minority stake in the team.

According to ESPN’s Emily Kaplan and Kevin Weekes, FSG is yet to determine the percentage, but the Penguins can expect new faces in ownership soon.

FSG purchased a controlling stake of the Penguins in 2021 for $900 million. Since then, every team in the NHL has grown to be worth north of $1 billion.

Despite selling a majority of the team, Mario Lemieux remains part of the ownership group in Pittsburgh, as a minority owner.

Any changes to team ownership must be approved by the NHL’s board of governors and will likely pass with no issues. FSG has sold minority stakes of their biggest properties before, including Liverpool FC of the English Premier League in 2023.

The Penguins had a hot streak not long ago, but now look like one of the most miserable teams in the NHL. A 2-1 loss to the San Jose Sharks has pushed them to a 20-24-8 record and 15th in the Eastern Conference.

Entering the 2024-25 season, the Penguins had missed the previous two Stanley Cup Playoffs, and they seemed primed for a third straight miss.

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