Liverpool owners Fenway Sports Group will add a new sports team to their growing portfolio, purchasing one of the NHL’s most historic franchises, the Pittsburgh Penguins.
This would make the Reds one of the FSG’s growing investments in the sporting arena, with club owners mixing business with the Boston Red Sox, NASCAR and now hockey.
It also comes on the heels of an investment from RedBird Capital Partners announced in March, reported as a “significant investment” in the ownership group, and not in Liverpool itself.
The Pittsburgh Penguins are a historic NHL franchise having won three Stanley Cups since 2009 and last season had the highest local audience share of any team, they were recently valued at $ 845 million. (£ 629 million).
The Wall Street Journal first reported the deal, which has been under discussion for several months.
How FSG is willing to pay for the team remains to be seen, but various reports suggest the deal aims to see FSG, led by John Henry, secure the majority stake in the Penguins, with current owner Mario Lemieux retaining a minority stake. .
The takeover has yet to be confirmed by the FSG board to first approve the deal on Thursday before the NHL then has the final say if it goes ahead.
Red Sox CEO Sam Kennedy told the Sporticast podcast, via Sportico, in October: “We see FSG a lot as a platform for sports, entertainment, real estate, content, media, etc.
“We are very interested in growing our business and acquiring new businesses in these industries. So teams, site content, media, real estate are where we’re looking and we’ve got a lot going on right now.
FSG and their entire entity were valued at $ 7.35 billion earlier this year and news of their new acquisition is likely to be a sensation among some fans as debates over Liverpool’s spending continue.
That is likely to change very little at Anfield, however, but the Penguins are a project which is in line with what was needed at Liverpool with a rebuild in the accounts.