5:00 PM: FSG has issued a statement following reports of Lemieux’s interest, walking back claims that a stake in the Penguins is up for sale shares Matt Vensel of the Pittsburgh Post-Gazette. FSG’s statement mentioned that the Penguins are only interested in finding a small, passive partner. They went on to add that they’re engaging multiple potential investors – potentially hinting at more than the one engaged investment group mentioned by LeBrun.
3:30 PM: The Pittsburgh Penguins’ ownership group could be due for yet another shakeup. Franchise legend Mario Lemieux, billionaire Ronald Burkle, and partner David Morehouse owned the majority stake in the club as a subsidiary of Lemieux LP from 1999 to 2021, but made a major move to sell the franchise to the Fenway Sports Group just before 2022. Now, three years later, Lemieux and co are interested in rebuying a stake in the Penguins’ franchise, per Pierre LeBrun of The Athletic.
Lemieux continued to serve as a club chairman through this season – but his renewed interest in returning to the ownership chair will come as welcome news for Penguins fans. LeBrun adds that Lemieux, Burkle, and Morehouse’s interest comes after Fenway Sports Group (FSG) expressed interest in selling a partial stake in the company. He also shared that the Hall-of-Famer isn’t the only party interested in the offer, and that FSG owner John Henry is also in discussions with another group.
Lemieux LP would be buying back into the team at a considerable markup. Their 2021 sale to FSG cost a reported $900MM, per TSN, but the most recent Forbes ranking claimed that the club has nearly doubled in value ($1.75B). Having a mainstay of Penguins hockey at the helm could be beneficial as the club looks to maintain that evaluation through the retirement of Sidney Crosby, Evgeni Malkin, and Kris Letang – three legends all likely to end their careers in the new few years. FSG has employed general manager Kyle Dubas to lead the ship through their looming change. He’s already taken steps towards the future by replacing decade-long head coach Mike Sullivan with NHL-rookie Dan Muse.
The legacy of Lemieux in Pittsburgh can’t be understated. He, with help from Burkle, saved the club from bankruptcy for an estimated $1.07MM in 1999 – one year after Lemieux was inducted into the Hockey Hall of Fame. He’d return to play five more seasons with the club from 2000 to 2006, capping off a career that many regard as one of the NHL’s finest. Lemieux recorded an incredible 1,723 points in 915 career games, and built a trophy cabinet that’s simply second-to-none. Among it are two Stanley Cup wins, which he earned with a boost from partner-in-crime Jaromir Jagr. Lemieux spent the entirety of his career in the Steel City, and knows the passion of Pittsburgh fans as well as any. His return to an owner role will be a journey worth following, even if it is still many steps away.