Fenway Sports Group closed its acquisition of the Pittsburgh Penguins on Thursday after the NHL Board of Governors voted unanimously to approve the sale. The transaction values the franchise at roughly $900 million, according to two people familiar with the structure. Mario Lemieux, who has owned the team since pulling it out of bankruptcy in 1999, will retain a minority stake and is expected to take a yet-undefined front-office role, likely focused on hockey operations and alumni relations.

FSG now controls the Boston Red Sox, Liverpool FC, the Pittsburgh Penguins, and a stake in NASCAR's RFK Racing. The Penguins become the group's first NHL asset and its second North American hockey property after acquiring a majority interest in the PWHL's Boston Fleet earlier this year. FSG president Sam Kennedy flew to Pittsburgh on Wednesday and was photographed outside PPG Paints Arena with Lemieux and Penguins president of hockey operations Kyle Dubas. No one commented on the record. The deal has been in negotiation since late 2023, when Lemieux's co-owner Ron Burkle signaled he wanted liquidity.

The approval matters because it confirms FSG's cross-sport consolidation model still works at the league level. The NHL has historically been cautious about private-equity-style ownership groups, but FSG's track record—$2.2 billion in revenue across its portfolio in 2023, per Forbes—and Lemieux's retention appear to have satisfied the Board. The vote also suggests the league is comfortable with FSG's media strategy, which includes a minority stake in YES Network and ongoing negotiations with Apple and Amazon over regional sports network alternatives. The Penguins' AT&T SportsNet Pittsburgh contract expires in 2025, and FSG is expected to bring the team into a joint streaming venture with its other properties.

Watch for three moves. First, FSG will likely hire a chief commercial officer for the Penguins within 90 days—probably someone from Red Sox or Liverpool's sponsorship desks. Second, Lemieux's front-office role should be announced before the NHL Draft in late June, and his presence will be used to reassure season-ticket holders and sponsors that the franchise's identity remains intact. Third, expect FSG to push for a naming-rights renegotiation on PPG Paints Arena when the current deal expires in 2028. PPG Industries pays roughly $3 million annually; comparable arenas are now commanding $10-12 million.

Lemieux wore a navy suit and no tie. Kennedy wore a Liverpool scarf under his overcoat.