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Fenway Sports Group to sell Pittsburgh Penguins (report)
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- Fenway Sports Group to sell Pittsburgh Penguins (report)
Fenway Sports Group, the parent company of the Red Sox, seems poised to get out of the hockey business.
NHL insider Frank Seravalli reports that FSG is close to an agreement to sell the Pittsburgh Penguins to a Chicago-based group. The group is headed by David Hoffman, who leads an investment group.
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An announcement, Seravalli wrote, would be made in the coming days.
There have been rumors that FSG were shopping the Penguins for the past year or so, with no official confirmation coming from the Boston-based group.
FSG purchased the Penguins for $900 million in late 2021 from a group led by former Penguin great Mario Lemieux and partner Ron Burkle. Both Lemieux and Burkle have remained with the organization after the sale to FSG.
There’s no word on the sale price, although recent reports have the franchise’s value estimated at $1.75 billion. That would represent a near-doubling of the sale price from just four years ago.
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In addition to the Red Sox, FSG also owns NESN, Liverpool FC of the Premier League, NASCAR’s RFK Racing and TGL’s Boston Common Golf.
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