Report: Fenway exploring minority sale of Penguins

Credit: Oct 9, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Penguins center Sidney Crosby (87) looks on against the New York Rangers during the third period at PPG Paints Arena. Mandatory Credit: Charles LeClaire-Imagn Images

Fenway Sports Group, the multinational holdings corporation behind the Pittsburgh Penguins, is exploring a sale of a minority stake in the NHL franchise, reports Emily Kaplan and Kevin Weekes of ESPN.

Per ESPN, sources indicate that a potential sale would be to an investor looking to assume a minority share, leaving Fenway Sports Group with controlling interest.

In 2021, Fenway Sports Group, which also owns the MLB’s Boston Red Sox as well as the Premier League’s Liverpool F.C., completed a $900-million sale of the Penguins from former owners Ron Burkle and Penguins legend Mario Lemieux, who retained a minority stake in the franchise.

In 1999, Burkle and Lemieux led efforts to buy the Penguins out of bankruptcy and avert a franchise relocation to Kansas City, Mo. Combined with the team’s selection of Sidney Crosby atop the 2005 NHL Draft, the Penguins long-term future in Pittsburgh was secured.

Five-time Stanley Cup champions since the franchise’s establishment in 1967, including a pair of recent back-to-back titles in 2016 and 2017, the Penguins have failed to qualify for the Stanley Cup Playoffs each of the past two seasons and have not won a postseason series since 2018.

In recent years, the Penguins have experienced the downside of their past success, as expended draft selections have contributed to the team’s inability to reinforce its lineup with young talent, while star players like Crosby, Evgeni Malkin, and Kris Letang have approached the twilight years of their careers.

Falling to the San Jose Sharks on Monday, the Penguins have lost three consecutive games and tumbled to second last in the Eastern Conference with a record of 20-24-8 and seven points back of the Tampa Bay Lightning for the second wildcard position.

Approaching the March 7 NHL trade deadline, the Penguins could be among the most active teams as several players are set to become unrestricted free agents, including left winger Anthony Beauvillier and defenseman Marcus Pettersson.