NHL Approves Sale of Penguins to Fenway Sports Group

The Pittsburgh Penguins are officially the property of Fenway Sports Group. 

The announcement, first reported by The Athletic's Pierre LeBrun, comes shortly after the NHL's board of governors approved the sale on Thursday at the league's annual GM meetings in Florida following a formal presentation. 

The sale, which is reportedly valued at upwards of $900 million, adds yet another prominent sports franchise to FSG's growing roster, with the company already having secured a controlling interest in the MLB's Boston Red Sox and the Premier League's Liverpool FC and 50 percent of NASCAR team Roush Fenway Keselowski Racing.

As was reported at the time, the Penguins' hockey operations structure will be untouched during this ownership change, with Mario Lemieux continuing in his role as head of hockey operations, Brian Burke as team president, Ron Hextall as GM, and Mike Sullivan as head coach. 

With Forbes having listed the New York Rangers as the NHL's first-ever franchise to surpass $2 billion in total value just days ago, all signs are pointing towards the positive financial growth of the league's franchises in the aftermath of the COVID-19 pandemic.