Fenway Sports Group exploring selling minority stake in Pittsburgh Penguins, report says
PITTSBURGH (KDKA) -- Fenway Sports Group is exploring selling off a minority stake of their ownership in the Pittsburgh Penguins, according to a report from ESPN.
ESPN, citing sources, says that Fenway Sports Group is taking the organization to market this week to "explore selling a minority stake."
It's unclear how big of a stake the group is looking to sell, but ESPN reports FSG is expected to remain the controlling owners of the organization.
According to ESPN, this isn't the first time FSG has taken this approach, saying that the ownership group sold off a minority stake of Liverpool FC in 2023.
Should FSG find a buyer for the minority stake in the team they're reportedly looking to sell, the NHL's Board of Governors would need to sign off on the move.
FSG purchased controlling interest of the Penguins in 2021 for $900 million.
In addition to their ownership of the Penguins and Liverpool FC, FSG also own the Boston Red Sox in Major League Baseball and RFK Racing in NASCAR.
