Pittsburgh Penguins Ownership Speculation
Pittsburgh’s hockey scene is buzzing with speculation about a potential shift in ownership of the Penguins. A consortium led by Mario Lemieux, a former owner and a legendary figure in the sport, is reportedly keen on reacquiring the team. This news comes nearly four years after Lemieux and his longtime business partner Ron Burkle sold the Penguins to Fenway Sports Group (FSG) in a deal valued at $900 million in 2021.
Current Ownership Stance
Allegations have surfaced recently suggesting that Lemieux, Burkle, and former CEO David Morehouse, who now serves as an advisor to the Pittsburgh Steelers, are assessing their options to investigate a buyback of the franchise.
Despite the ongoing interest, Fenway Sports Group insists they are not actively seeking to sell the Penguins, as stated by a representative who confirmed their intent to pursue a minority investment instead.
“We’ve seen the speculation, and as we’ve previously shared with media, Fenway Sports Group is currently engaged in a process to explore a potential minority investment in the Pittsburgh Penguins,”
the spokesperson explained, emphasizing their focus on finding a small, passive partner.
Lemieux’s Potential Return
Amid this uncertainty, sources indicate that Lemieux’s group is considering financial strategies to regain ownership and has communicated their interest in the matter to NHL commissioner Gary Bettman. The notion of Lemieux stepping back into an ownership role sent ripples through the Pittsburgh community, eliciting memories of his storied career with the team, during which he led them to two Stanley Cup victories as a player and three more as an owner.
Franchise Valuation and Attendance Issues
Although Lemieux, now 59, has largely kept a low profile since selling a significant portion of his stake in the Penguins, he remains a prominent figure in Pittsburgh. His retirement from hockey came in 1997 at the age of 31, and he briefly returned to play before ultimately deciding to invest in the team itself in 1999. Since their sale, franchise valuations have surged, with estimates placing the Penguins’ worth as high as $1.75 billion, a significant increase compared to their sale price.
The Lemieux-Burkle group’s strategy to potentially re-engage with the Penguins might be influenced by FSG’s current ownership challenges, given the team’s recent difficulties in ticket sales and playoff appearances. The Penguins have seen declining attendance and have failed to qualify for the playoffs over the last three seasons. Ticket sales during the 2024-25 season dipped to 91.4%, marking the lowest attendance levels during Sidney Crosby’s tenure with the franchise. In this context, Lemieux and Burkle are optimistic that FSG may offer a more “reasonable” asking price for the team amid these struggles.
Future Prospects
Moreover, the anticipation of potential NHL expansion teams in the coming years could create additional financial opportunities for existing franchises, adding a layer of complexity to the ongoing discussions regarding the Penguins’ future ownership.
As negotiations evolve, the hockey world keeps a close eye on Pittsburgh, where the legacy of Mario Lemieux looms large, reminding fans of his extraordinary contributions both on and off the ice. With the landscape of professional hockey poised for changes, the scenario surrounding the Penguins remains a pivotal story to monitor.
