Mario Lemieux, Ron Burkle trying to buy Penguins back?

Old owners might be trying to get back in the game

Pierre LeBrun had a juicy bit of information:

Hearing from sources that the group of Ron Burkle, Mario Lemieux and David Morehouse are investigating the possibility of buying back the Penguins from Fenway Sports. Burkle and Lemieux sold the Penguins to Fenway in 2021. Fenway has been looking to sell a partial share. Will be interesting to see where this goes…

LeBrun followed up:

Fenway Sports Group bought the Penguins in 2021, in a deal that closed on December 31st for approximately $900 million dollars. It was a good investment at a good time, the Penguins were value was placed at $1.75 billion in the latest Forbes rankings in fall 2024 in the midst of franchise values exploding across the NHL.

It was reported earlier in the year that FSG was looking to sell a minority stake in team.

Lemieux and FSG have had an interesting relationship, with Lemieux controlling a very small percentage of the team. Unlike from his retirement in 2005 to 2021, Lemieux is almost never seen at games any longer, with tensions believed to be high regarding how a dispute of Lemieux Group minority owners was handled by the conglomerate and former owner.

It remains unknown if Lemieux, Burkle and company would seek a controlling interest or a smaller share, but there’s no doubt the franchise legend looking to get back involved with the franchise will provide intrigue in the future.

Update: Fenway Sports Group downplayed the report somewhat in a statement to the Tribune Review.

“We’ve seen the speculation, and as we’ve previously shared with media, FSG is currently engaged in a process to explore a potential minority investment in the Pittsburgh Penguins. The focus is on identifying a small, passive partner, and that is the current framework under discussion with potential investors.”