Boston Red Sox Owner To Buy Pittsburgh Penguins

The holding company that owns the Boston Red Sox is in negotiations to buy the Pittsburgh Penguins hockey team, The Wall Street Journal reported.

The deal is expected to be finalized sometime later this week, and the price to be paid has not yet been disclosed, according to the WSJ.

The Pittsburgh Penguins have been owned by former Pittsburgh Penguin player Mario Lemieux and investor Ron Burkle. The two bought the team out of bankruptcy in 1999.

The leadership of the organization will remain the same, and Lemieux would keep a portion of his ownership, according to the WSJ.

Fenway Sports Group, operated by investor John Henry, owns the British soccer team Liverpool Football Club and a portion of a Nascar team.

The sports group has shown interest in expanding its portfolio, the WSJ reported. Investment firm RedBird Capital Partners invested $750 billion in Fenway in exchange for an 11% ownership stake, and National Basketball Association star Lebron James also made a sizable investment in the firm.

Other entities in Fenway’s portfolio include the television network New England Sports Network and Fenway Park, the Red Sox team’s stadium, the WSJ reported.

The Penguins are a successful hockey franchise, having won five Stanley Cups since their inception in 1967. NHL superstar Sidney Crosby led the team to three Stanley Cups, including back-to-back championships in 2016 and 2017.