Source: Fenway Sports Group exploring sale of minority stake in Penguins

Matt Vensel, Pittsburgh Post-Gazette on Jan 27, 2025

Published in Hockey

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PITTSBURGH — Fenway Sports Group, the Boston-based group that owns the Penguins, is exploring the possibility of selling a minority stake in the team, a source confirmed to the Pittsburgh Post-Gazette on Monday. FSG would retain controlling interest.

ESPN first reported that FSG could sell a share of the team.

This development says nothing about FSG’s commitment to the Penguins, the source said, nor does it signal financial woes for FSG or the struggling hockey team. The Penguins were 15th in the East entering Monday.

The sale of minority ownership is common in professional sports. In 2023, FSG actually did the same thing with its Liverpool soccer club, ultimately selling a small share of that team to private equity firm Dynasty Equity.

In 2021, Fenway Sports Group purchased the Penguins from Ron Burkle and Mario Lemieux. The sale price was reported to be around $900 million. FSG also owns the Boston Red Sox and other pro sports entities.

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