Buying a sports franchise can be a little like flipping a house.

Someone comes in with enough cash to do things that maybe haven’t been done in a while. Upgrade this. Rehab that. See if you can turn a profit.

The difference is no one really sees a multimillion dollar sports property as a quick fix with a short payday. It’s a real investment in money — which is what usually gets the attention — and time.

You could say the Lemieux Group LP has spent 20-plus years refurbishing a team that was in fixer-upper shape in 1999, despite a committed fan following and a couple of Stanley Cup championships.

The Penguins have not always been profitable. That is exactly how Mario Lemieux — without a doubt the brightest star in the team’s history — acquired his stake in ownership in 1999 after the team declared bankruptcy in 1998 while still owing him $32.5 million, 36% of the organization’s $90 million debt.

Today the team is valued at $640 million by Forbes magazine. Digital sports news site Sportico pushes that number as high as $845 million. Lemieux’s tenure in the owner’s suite also saw a rebuilding from a talent perspective that has included some of the best in the league, built around Sidney Crosby, and a new venue in PPG Paints Arena.

So it is both jarring and unsurprising to hear talk of selling the team. Jarring because of how beloved the Penguins are in a way that Lemieux is responsible for fostering on and off the ice. Unsurprising because everything from his play to his negotiations regarding the arena showed Super Mario sees every shot and calculates exactly when and where to aim.

Reports came Tuesday that Fenway Sports Group, owners of the Boston Red Sox as well as NASCAR and British soccer teams, are in “advanced negotiations” to acquire a majority stake in the Penguins. That does not have to be a bad thing for the fans or the city, especially if Lemieux keeps the small percentage being reported.

The Red Sox are worth $3.6 billion, among the top teams in any sport. The Liverpool Football Club sits at $4.1 billion, the fifth-most valuable soccer team in the world. This speaks of an understanding of value, investment and priorities. Los Angeles Lakers star LeBron James is a part of their ownership group, which goes to an understanding of team building. Whether all of this would play out in Pittsburgh remains to be seen, but it does inspire confidence.

This is important for the city and taxpayers, both of which have a vested interest in the success of the team and its arena.

Unfortunately, the reported investment interest is in only the Penguins, a team with great curb appeal and good bones. What Pittsburgh really needs is a group with understanding and experience to come in to the broken-down wreck that is the Pirates franchise, tear it down to the studs and start over.

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