Penguins sold to Fenway Sports Group, Lemieux to retain stake in team

The Pittsburgh Penguins' sale to Fenway Sports Group was unanimously approved by the NHL Board of Governors on Thursday.

"I think that the executive committee who interviewed the representatives of Fenway Sports Group were very excited about the expertise that they have in professional sports over a long period of time, how well they run their franchises, and the fact that they were excited, Fenway Sports Group, about joining the NHL," Commissioner Gary Bettman said. "They see a great future for us, and that's why they're making the investment."
Mario Lemieux, a two-time Stanley Cup champion with the Penguins as a player, will remain part of the ownership group. He and Ron Burkle, who will also remain part of the ownership group, became majority owners of the Penguins in 1999.
"As the Penguins enter a new chapter, I will continue to be as active and engaged with the team as I always have been and look forward to continuing to build on our success with our incoming partners at FSG," Lemieux said. "They have an organizational philosophy that mirrors the approach that worked so well for Ron and me over the past 22 years."
The approval from the Board of Governors comes less than two weeks after the Penguins reached an agreement for Fenway Sports Group to acquire controlling interest in the team.
"We're really excited about the opportunity," Penguins coach Mike Sullivan said on Nov. 29. "[General manager Ron Hextall and president of hockey operations Brian Burke] addressed our players and our team this morning with respect to it. I know I had a short conversation with the owners before I went on the ice for practice and we're really excited about the opportunity. These guys have a proven track record. I think they're fans first and foremost. They love sports. I think they're in it for the long haul. I think they understand it and they have a real proven track record and I'm looking forward to the opportunity to learn from those guys with the experience they can bring with some of their other sports."
Fenway Sports Group owns the Boston Red Sox of Major League Baseball, Liverpool of the English Premier League, Roush Fenway Racing of NASCAR, and Fenway Park. John Henry is its principal owner, and NBA player LeBron James is among its partners.
"The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a terrific history and a vibrant, passionate fan base," said Tom Werner, chairman of Fenway Sports Group. "We will work diligently to continue building on the remarkable Penguins' tradition of championships and exciting play.
"We are particularly excited to welcome Mario Lemieux and Ron Burkle to FSG and have the utmost respect for all they have done to build the Penguins into the perennially successful franchise we know today. We look forward to working with Mario, Ron and the entire Penguins front office team."
With Lemieux as owner, the Penguins have won the Stanley Cup three times (2009, 2016, 2017). They moved into a new arena, now called PPG Paints Arena, prior to the start of the 2010-11 season.
"It's the business side of the game," said defenseman Kris Letang, who has played his entire 16-season NHL career with the Penguins. "We're kind of a little bit on the outside about that. But when you hear Mario and Ron will stay with us and still be part of ownership, it's a relief. I had the chance to spend a lot of time with them, grew a relationship with both of them. To have them still with us, it's a big relief and obviously it was a big opportunity. … I'm pretty sure it's a good business move, too. I'm happy for them. It's great. The team, where it used to be in '99 and the early 2000s, they made a great investment. It was a risky one I guess, but it paid off. Now we have three Stanley Cups. I'm pretty happy for them, but I'm glad they're staying on."
Lemieux's application with Burkle to buy the Penguins was approved by the NHL Board of Governors on Sept. 1, 1999.
It came two years after Lemieux announced his retirement as a player. He was owed more than $32 million in deferred salary and converted much of that money into equity in the Penguins, making him the first player in North American sports to own the team he used to play for.
Lemieux won the Stanley Cup as Penguins captain in 1991 and 1992, and was inducted into the Hockey Hall of Fame on Nov. 17, 1997, becoming the ninth player in history to have the mandatory three-year waiting period waived. The center returned as a player on Dec. 27, 2000, and played five additional seasons before retiring for good Jan. 24, 2006, one month after he was diagnosed with an irregular heartbeat. He scored 1,723 points (690 goals, 1,033 assists) in 915 regular-season games, and 172 points (76 goals, 96 assists) in 107 Stanley Cup Playoff games.
NHL.com independent correspondents Wes Crosby and Aaron Vickers contributed to this report