Reports suggest hockey icon Mario Lemieux is exploring a potential return to ownership of the Pittsburgh Penguins. Alongside former partners Ron Burkle and Dave Morehouse, Lemieux`s group is reportedly “very interested” in repurchasing the franchise they sold to Fenway Sports Group (FSG) in 2021.
This development emerges as FSG reportedly seeks a minority investor. However, the Lemieux-led consortium is evaluating its financial options for a potential full acquisition. Sources indicate NHL Commissioner Gary Bettman is aware of their interest. The current reported valuation sits between $1.47 billion and $1.75 billion. The prospective buyers are said to hope FSG might consider a “reasonable” price, potentially influenced by the team`s recent on-ice struggles and a noticeable decline in fan attendance, which hit a low point last season in the Sidney Crosby era, with only 91.4 percent of tickets sold.
This isn`t the first time Lemieux has stepped in during a challenging period for the franchise. After an unparalleled playing career that included two Stanley Cups in the early `90s, and a triumphant return to the ice following a battle with cancer, Lemieux famously acquired controlling interest in the team in 1999. At the time, the Penguins were facing bankruptcy and the genuine possibility of relocating or folding. Lemieux`s move not only stabilized the team financially but also saw him return as a player, contributing to a surprising playoff run in 2001. His ownership tenure continued through the Sidney Crosby era, overseeing three more Stanley Cup championships before the sale to FSG.
The period since the 2021 sale has seen a significant shift in the team`s fortunes. After a remarkable 16-year playoff streak (2007-2022), the Penguins have now missed the postseason twice consecutively. Their 80 points last season marked the franchise`s lowest total in an 82-game schedule since the 2005-06 season – coincidentally, the year before their playoff run began and the final season Lemieux played alongside rookie Sidney Crosby. The contrast with the sustained success under Lemieux`s previous ownership is stark.
While FSG`s intentions regarding a full sale remain unclear as they explore minority investment, the interest from the group led by the franchise`s most iconic figure signals a significant development. The prospect of Mario Lemieux returning to guide the Penguins, particularly during a period of apparent decline, mirrors his past role in securing the team`s future in Pittsburgh. Financial negotiations and evaluations are expected to continue as the situation unfolds.
