Fenway Sports Group is seeking to sell a minority stake in the Pittsburgh Penguins while retaining control. This follows a similar move in 2023 with Liverpool, where FSG sold a minority stake to Dynasty Equity. FSG acquired the Penguins for $900 million in 2021, when the team was saved from bankruptcy by previous owners Mario Lemieux and Ron Burkle in 1999. The Penguins' current on-ice performance raises concerns about their playoff prospects, but FSG aims to support franchise star Sidney Crosby in further championship pursuits, ahead of significant decisions nearing the NHL trade deadline.
Fenway Sports Group is taking the Pittsburgh Penguins to market this week to explore selling a minority stake, while maintaining controlling ownership.
FSG previously sold a minority stake in Liverpool to Dynasty Equity, indicating a potential strategy shift amidst private equity trends in sports ownership.
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