Fenway Sports Group Seeking to Offload Partial Ownership of Penguins

Fenway Sports Group is seeking to offload a minority portion of the Pittsburgh Penguins, according to various media sources on Monday.

The Boston-based conglomerate has not disclosed the exact percentage of the Penguins it intends to sell, but reports suggest that they will retain majority ownership.

This is not the first instance of Fenway Sports Group selling a portion of a team to external investors. They previously sold a minority share of Liverpool, an English Premier League club, to Dynasty Equity, a New York-based company.

In addition to the Penguins and Liverpool, Fenway Sports Group also possesses ownership of the Boston Red Sox, the New England Sports Network, NASCAR's RFK Racing, and Boston Common Golf of the TMRW Golf League (TGL).

Fenway Sports Group paid $900 million to acquire control of the Penguins in 2021, taking over from previous owners Ron Burkle and Mario Lemieux, who established himself as a cornerstone of the franchise by spending his entire 17-year NHL career in Pittsburgh.

Despite the sale, Lemieux has remained involved with the organization.

As of Monday, Pittsburgh holds a record of 20-23-8 (48 points) for the season.