July 15, 2024

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Fenway Sporting activities Team Reaches Settlement on Pittsburgh Penguins

Fenway Sporting activities Team Reaches Settlement on Pittsburgh Penguins

BOSTON, MA – The Pittsburgh Penguins and Fenway Sporting activities Group (FSG), a world-wide athletics, promoting, media, amusement, and actual estate organization, currently introduced that FSG has entered into an agreement to acquire controlling fascination in the Pittsburgh Penguins hockey team. The offer, which is subject to approval by the Countrywide Hockey League (NHL) Board of Governors, is predicted to near in advance of the conclude of the yr.

As portion of the transaction, Mario Lemieux and Ron Burkle will continue being section of the ownership team and will be carefully aligned with FSG. Lemieux, a member of the Hockey Corridor of Fame, will carry on his role guiding hockey functions for the corporation. In addition, continuity of leadership will be managed amid the club’s senior administration workforce of CEO David Morehouse, COO Kevin Acklin, President of Hockey Operations Brian Burke, Normal Supervisor Ron Hextall, and Head Mentor Mike Sullivan.

FSG Chairman Tom Werner stated, “The Pittsburgh Penguins are a premier National Hockey League franchise with a really robust firm, a marvelous background and a vivid, passionate lover foundation. We will work diligently to go on creating on the impressive Penguins’ tradition of championships and exciting participate in.

“We are significantly thrilled to welcome Mario Lemieux and Ron Burkle to FSG and have the utmost regard for all they have finished to create the Penguins into the perennially prosperous franchise we know right now. We look ahead to doing the job with Mario, Ron and the total Penguins entrance business office crew.”

Lemieux and Burkle, who acquired the crew in 1999, liked a 22-year partnership that delivered 3 Stanley Cups and the design of PPG Paints Arena, a multi-intent venue which opened in August 2010 and is regarded as one of the best services in North The united states. Below their management, the Penguins have persistently led the NHL in community Tv scores, social media, sponsorships, and neighborhood and youth hockey investments, when marketing out extra than 600 straight video games.

“As the Penguins enter a new chapter, I will go on to be as lively and engaged with the crew as I usually have been and appear forward to continuing to build on our success with our incoming associates at FSG,” Lemieux said. “They have an organizational philosophy that mirrors the strategy that worked so perfectly for Ron and me about the past 22 years.”

“Mario and I arrived in alongside one another, and we are energized to come to be a component of the new ownership group,” Burkle claimed. “The Pittsburgh Penguins will be in excellent arms with FSG, and Mario and I are right here to assistance them, dedicated as significantly as we have often been to the achievements of the franchise.”

“Fenway Athletics Group brings every little thing we could question for in an ownership companion to enable keep on the historic achievement of the Pittsburgh Penguins,” reported Morehouse. “They understand what the Penguins suggest to Pittsburgh, and they carry to us the hottest in cutting-edge sports analysis, info analytics, player coaching and efficiency, serious estate progress, and organizational excellence. This mixture is a definitely enjoyable partnership that positions our club at the forefront of the upcoming of specialist sports activities and permits us to build on what Ron and Mario designed.”

Financial institution of The united states served as financial advisor to FSG, and Citi served as monetary advisor to the Penguins on the transaction. Shearman & Sterling served as lawful advisor to FSG, although Reed Smith served as legal advisor to the Penguins.

About Fenway Sports activities Team

Fenway Athletics Team (FSG) is a world wide sports activities, marketing and advertising, media, entertainment, and genuine estate enterprise anchored by two legendary golf equipment, the Boston Pink Sox and Liverpool Soccer Club (LFC). FSG’s portfolio consists of two of the world’s most historic venues, Fenway Park and Anfield Stadium, NASCAR’s RFK Racing, NESN, sports activities promoting and consulting firm Fenway Sports Management (FSM), and Fenway Sports activities Team Genuine Estate (FSGRE), that oversees the assets, acquisitions, and advancement of FSG houses. In March 2021, FSG entered a strategic partnership with RedBird Funds Associates, led by Gerry Cardinale, to go after expansion prospects in athletics that would enhance or extend FSG’s existing platform. For extra facts, take a look at www.fenwaysportsgroup.com.