Jan 27, 2025; San Jose, California, USA; Pittsburgh Penguins left winger Michael Bunting (8) celebrates a goal, eventually called off, with left winger Anthony Beauvillier (72), center Cody Glass (19) and Ryan Shea (5) in the third period against the San Jose Sharks at SAP Center at San Jose. Mandatory Credit: David Gonzales-Imagn Images

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Pittsburgh Penguins Exploring Opportunities to Expand Ownership Group

Pittsburgh Penguins seek new investors to bolster their ownership team and enhance future organizational growth.

Josh Yohe of The Athletic reports that the Pittsburgh Penguins ownership, led by Fenway Sports Group (FSG), is exploring opportunities to expand its group of investors. FSG, which also owns the Boston Red Sox and Liverpool FC, purchased the Penguins in 2021 for a hefty $950 million from previous owners Mario Lemieux and Ron Burkle. While Lemieux and Burkle still hold minority stakes, they have largely stepped away from day-to-day operations.

Some might speculate that this move signals FSG’s desire to distance itself from the Penguins, but in the world of sports ownership, bringing in additional investors is a common strategy and is unlikely to impact the team’s daily management. FSG has taken a hands-off approach with the Penguins, a stance some fans have criticized as detached. The group is rarely present at games or in the media when it comes to team affairs.

Sources: Fenway group to shop stake of Penguins
Fenway Sports Group, which bought controlling interest of the Pittsburgh Penguins in 2021 for $900 million, is taking the NHL franchise to…
— ESPN (@espnsportsAll) January 28, 2025

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Since FSG’s acquisition, the Penguins have experienced a challenging period. The team has made the playoffs only once in three seasons, endured turbulent leadership under Ron Hextall and Brian Burke, and saw its 14-year sellout streak end in 2021. This season, attendance has dropped to levels not seen since Sidney Crosby’s rookie year in 2005, and the team has struggled, sitting near the bottom of the NHL standings and facing the likelihood of missing the playoffs for a third consecutive year.

Despite these setbacks, FSG has continued to invest heavily. The group has committed to spending up to the NHL salary cap and has allocated significant resources to strengthening the managerial and scouting departments. Their goal is clear: rebuild the Penguins’ roster and return the team to contention while Crosby’s legendary career is still ongoing.

Image Credit: David Gonzales-Imagn Images

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Anamika Shrivastava

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I’ve always loved writing and storytelling, and hockey gives me a perfect stage for endless stories to tell. Whether it’s breaking down a game, analyzing a big trade, or capturing the emotions on the ice, I bring the NHL to life through words. So what’s the best part you ask? Watching the action unfold and turning it into something fans can connect with. To my readers: Hockey is more than just a game—it’s the highs, the heartbreaks, and the moments that make us jump off our seats. So, keep cheering, keep debating, and never stop loving the madness of the sport!