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.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org
Italy is preparing to bolster naval protection for merchant shipping in the Red Sea as…
Do they ever stop to hear themselves? Do they realize how foolish they are? Do…
A Greek proverb states, “Beware of Greeks bearing gifts.” In modern politics, perhaps one should…
President Donald Trump on Saturday announced plans to double down on boosting the development of…
The Democrat fear machine is back in business. They gave you global warming, Y2K, COVID,…
Democrats in Minnesota are swimming in fraud connections, and Peggy Flanagan seems oblivious. See more…