The board of Fenway Sports Group LLC on Friday approved a purchase of the Pittsburgh Penguins, sports business outlet Sportico reported.
The Penguins’ board formally approved the potential sale a few days ago, a source with the team told the Tribune-Review.
News of the purposed deal first emerged Wednesday. Fenway Sports Group did not respond to a request for comment Friday.
Fenway Sports Group is expected to take a controlling interest in the team while current co-owner Mario Lemieux will stay on as a minority owner. It remains to be seen whether Ron Burkle, Lemieux’s current co-owner, will stay involved with the franchise.
Led by billionaire businessman John Henry, Fenway Sports Group owns — to some degree — some of the most iconic sports franchises around the globe, including the Boston Red Sox, Liverpool F.C. and RFK Racing.
Lemieux and Burkle have been co-owners of the Penguins since they purchased the franchise out of bankruptcy in 1999.
Any sale would need formal approval by the NHL, but that is expected to be a minor formality.
