The Pittsburgh Penguins are officially under new ownership.
The Penguins announced on Monday morning that the franchise has reached an agreement with Fenway Sports Group to acquire controlling interest in the club, marking the first ownership change since Mario Lemieux's Lemieux Group LP purchased the Penguins out of bankruptcy in 1999.
The agreement, which is still subject to approval by the NHL's board of directors before it can be finalized, is expected to fall into place by the end of the calendar year.
The financial details of the transaction have yet to be disclosed.
As per the terms of the deal, both Lemieux and part-owner Ron Burkle will remain part of the Penguins' ownership group moving forward, with Lemieux continuing in his role as head of hockey operations. The Penguins' senior management team, including GM Ron Hextall, president of hockey operations Brian Burke, and head coach Mike Sullivan will stay in place, as well, along with CEO David Morehouse and COO Kevin Acklin.
For Fenway Sports Group, this marks yet another addition to their budding sports empire.
The sports, marketing, media, entertainment, and real estate company already owns a controlling interest in the Boston Red Sox and Liverpool Football Club, while their portfolio includes the historic sports venues of Fenway Park and Anfield Stadium.
Prior to Fenway Sports Group's purchase, the Penguins were the only franchise in North American professional sports with ties to private equity to have won a championship.