NHL rumors: Former Penguins owner Mario Lemieux-led group "very interested" in buying back $1.7 billion franchise back from FSG

A group led by Pittsburgh Penguins legend Mario Lemieux, alongside former co-owner Ron Burkle and ex-CEO David Morehouse, is reportedly interested in repurchasing the Penguins from Fenway Sports Group (FSG).

The FSG bought the Penguins in 2021 for $900 million. The franchise’s value has since soared, with estimates ranging from $1.47 billion (Sportico) to $1.75 billion (Forbes).

“Maybe it will happen, maybe it won’t,” the source said according to The Athletic. “But they’re interested. They’re very interested. And they’re trying to make it happen."

Having retained a minority stake after the sale, the Lemieux-led group is now exploring financial avenues to reclaim control, driven by the team’s recent struggles.

The Penguins have missed the playoffs since 2022 and hit a franchise-low 91.4% ticket sales last season. According to The Athletic, NHL Commissioner Gary Bettman has been notified of their interest.

However, FSG insists they’re only open to bringing in a minor, passive investor, not selling the team outright, though the Lemieux group is pushing for a fair deal given the Penguins’ dip in performance.

FSG not interested in selling the Pittsburgh Penguins

Despite rumors earlier this year suggesting the Pittsburgh Penguins were for sale, Fenway Sports Group (FSG) has made it clear they have no intention of selling the team.

According to The Athletic, the group is instead focused on finding a small, passive partner for a minority investment in the Penguins, which is the direction of their current discussions with potential investors.

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

Mario Lemieux, a club icon, remains deeply tied to the franchise, fueling his interest in returning to an ownership role. He led the Penguins to two Stanley Cups as a player and three as an owner. He spent 17 seasons with the club during his NHL career.