Whispers circulating within sports business circles suggest a potential seismic shift in the ownership landscape of the Pittsburgh Penguins. At the center of this speculation is franchise icon Mario Lemieux, reportedly part of a collective actively exploring the possibility of purchasing the team back from its current stewards, Fenway Sports Group (FSG).
This development follows FSG`s acquisition of the Penguins in 2021, taking the reins from a group that included both Lemieux and longtime business partner Ron Burkle. Now, according to recent reports, Lemieux, Burkle, and former Penguins chief executive Dave Morehouse are evaluating their financial avenues to potentially regain operational control of the club.
While FSG has publicly indicated it is open to bringing in a minority investor, the interest from the Lemieux-led group appears to extend further, potentially targeting outright ownership at some juncture. The National Hockey League, specifically Commissioner Gary Bettman, has reportedly been apprised of this renewed interest from the former ownership contingent.
Evaluating a professional sports franchise involves navigating complex valuations, and the Penguins are currently estimated to be worth somewhere in the range of $1.47 billion to $1.75 billion. The Lemieux group is reportedly hoping that FSG might entertain a “reasonable” purchase price. This hope appears strategically linked to the club`s recent on-ice output and corresponding market engagement metrics. The team`s performance has seen a downturn since the FSG transition, culminating in missing the playoffs for the past two seasons after a remarkable 16-year streak.
Further underscoring the operational challenges, last season`s ticket sales figures reached 91.4 percent of available capacity. While still respectable, this represents the lowest percentage recorded during the era defined by captain Sidney Crosby`s tenure with the team, a period otherwise marked by robust market support and three Stanley Cup championships.
It wouldn`t be the first time Lemieux has been positioned as a potential savior for the Penguins organization. In the late 1990s, following his initial retirement as a player, Lemieux stepped in to lead an ownership group that pulled the franchise out of bankruptcy, a move widely credited with preventing the team`s relocation or dissolution. He even made a remarkable return to the ice as a player for that ownership group, further solidifying his legendary status both on and off the ice.
The stark contrast between the team`s success under the prior Lemieux-Burkle ownership – which included three Stanley Cups in 2009, 2016, and 2017 – and its recent struggles under FSG provides a compelling backdrop to this potential buyback effort. The 80 points accumulated last season marked the franchise`s lowest total in an 82-game schedule since the 2005-06 season, Crosby`s rookie year.
Whether the financial pieces align and a deal can materialize remains to be seen. However, the mere prospect of Mario Lemieux, the figure synonymous with the Penguins` greatest triumphs, attempting to reassert control over the team he previously rescued and led to unparalleled success adds a significant layer of intrigue to the evolving situation in Pittsburgh.
