BY: KDKA-TV News Staff
PITTSBURGH (KDKA) – The sale of the Pittsburgh Penguins to Fenway Sports Group is a done deal.READ MORE: Pittsburgh Penguins, Fenway Sports Group Reach Agreement On Sale Of Team
The NHL’s Board of Governors unanimously approved the sale of a majority interest in the Pens to the Boston sports conglomerate Thursday.
Current owners Mario Lemieux and Ron Burkle are remaining with the team in an ownership role.
“Fenway brings to the Pittsburgh Penguins everything we can ask for in an ownership partner to continue the historic success of our franchise,” said Penguins CEO David Morehouse in a statement. “They understand what the Penguins mean to Pittsburgh, they know how to win, they are a great cultural fit with our staff and our city, and they can be trusted to build upon the legacy of what Mario and Ron created here.”READ MORE: Fenway Sports Group, Pittsburgh Penguins Boards Approve Sale Of Franchise
Earlier Thursday, the Pittsburgh-Allegheny County Sports and Exhibition Authority board unanimously approved a change in control, the Pittsburgh Post-Gazette reported. The deal needed approval from the SEA because the new ownership would take control of the PPG Paints Arena and former Civic Arena site in the Lower Hill.
The league said in a press release that the purchase “remains subject to negotiation and execution of documentation before the transaction can be closed.”
The Fenway Sports Group, valued around $7 billion, currently owns the Boston Red Sox, Liverpool Football Club and Roush Fenway Racing.MORE NEWS: Pittsburgh Penguins In ‘Active’ Negotiations To Be Acquired By Fenway Sports Group
There are no details of the sale yet, but some experts predict the team could be sold for $700 million to $900 million.