Report: Pittsburgh Penguins could be sold as early as this week

An explosive Wall Street Journal report suggests the NHL’s Pittsburgh Penguins could be sold as early as this week.

Fenway Sports Group LLC – the holding company that owns the Boston Red Sox and Fenway Park from Major League Baseball – are in advanced talks to buy the Penguins, the Journal reported citing anonymous sources familiar with the matter.

Assuming the talks don’t collapse, the Journal reported the sale could be finalized later this week.

According to Forbes, the Penguins are the 11th most valuable franchise in the league with an estimated current value of $ 650 million, down 2% from the previous year.

Fenway Sports Group, led by founder John W. Henry, also owns the English Premier League’s Liverpool FC, its stadium, Anfield, and a 50 percent stake in NASCAR’s Roush Fenway Keselowski Racing.

Since 1999, the Penguins have been owned by Ron Burkle and former Penguins superstar Mario Lemieux. The two bought the team out of bankruptcy and helped make them one of the top clubs in the NHL.

Although they missed the playoffs in four of the first six years, the Penguins won three Stanley Cups and reached the final one more time. The club have made the playoffs every season since 2006-07.

Zach Laing is Chief News Officer and Senior Columnist for the Nation Network. He can be followed on Twitter at @zjlaing, or contactable by email at [email protected]

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