Lemieux-Burkle Group's Penguins Bid Reportedly Below $1.75B Asking Price
Lemieux-Burkle Group's Penguins Bid Reportedly Below $1.75B Asking Price

Lemieux-Burkle Group's Penguins Bid Reportedly Below $1.75B Asking Price

News summary

Mario Lemieux, along with partners Ron Burkle and David Morehouse, is attempting to buy back the Pittsburgh Penguins from Fenway Sports Group (FSG), who purchased the team in 2021 for just under $1 billion. However, their current bid is reportedly well below the asking price FSG desires, which is believed to be around $1.8 billion, a figure influenced by the recent sale of the Tampa Bay Lightning for the same amount. Despite the Penguins' decline in performance and value since FSG's acquisition, the franchise's worth was estimated at $1.75 billion by Forbes in 2024, making Lemieux's offer insufficient so far. FSG has shown little interest in selling majority ownership but has explored minority ownership options. Penguins fans remain hopeful about Lemieux's potential return, given his legendary status and previous success with the franchise both as a player and owner. The negotiations are expected to continue for some time, with no immediate resolution in sight.

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