A group led by hockey icon Mario Lemieux is reportedly exploring the possibility of repurchasing the Pittsburgh Penguins from current owners Fenway Sports Group (FSG). This potential move involves Lemieux, along with former co-owner Ron Burkle and ex-CEO Dave Morehouse, according to reports citing The Athletic.
This development comes less than four years after the group sold the franchise to FSG in 2021. While FSG has publicly stated it is open to adding a minority investor, the Lemieux-led consortium is reportedly assessing its financial capabilities to potentially regain control of the team entirely at some point in the future. NHL Commissioner Gary Bettman has reportedly been made aware of the group`s interest.
Reports indicate the group`s renewed interest coincides with a period of on-ice difficulty for the Penguins. Since the sale, Pittsburgh has missed the playoffs twice, including last season, marking a stark contrast to their consistent postseason presence that lasted from 2007 to 2022. The team`s 80 points last season were the fewest recorded in an 82-game schedule since 2005-06.
Furthermore, the team`s performance struggles appear to be impacting fan support, at least based on attendance figures. Ticket sales reportedly dipped to their lowest point in the Sidney Crosby era last season, selling just 91.4 percent of available seats. One might charitably suggest this decline in on-ice success and subsequent attendance is a factor the prospective buyers hope could influence the asking price.
The Penguins are currently valued somewhere in the range of $1.47 billion to $1.75 billion. While the exact financial exploration by the Lemieux group remains private, reports suggest they are hoping FSG might consider a “reasonable” price – a term that undoubtedly holds unique interpretations in the context of a multi-billion dollar sports franchise, especially one whose recent performance history features more question marks than exclamation points.
Mario Lemieux`s legacy in Pittsburgh is arguably unmatched. As a player, he led the Penguins to back-to-back Stanley Cup victories in the early 1990s. More significantly regarding ownership, he famously saved the franchise from impending bankruptcy and potential relocation in 1999 by converting deferred salary into a controlling interest. This pivotal move ensured the team remained in Pittsburgh and paved the way for its subsequent successes, including three more Stanley Cup championships won during his tenure as owner (2009, 2016, 2017).
For Penguins fans who watched the team consistently contend for championships under the previous ownership structure, the prospect of `Le Magnifique` returning to the owner`s box represents more than just a change in leadership. It symbolizes the potential return of a figure intrinsically linked to the franchise`s greatest successes, at a time when they appear to need guidance back to consistent relevance.
