Fenway Sports Group, which owns the Pittsburgh Penguins, is exploring potentially selling a minority share of the franchise, according to a team source.

Fenway would retain a controlling interest in the franchise in the event of any transaction. The primary purpose of any sale would be to raise equity in the team.

ESPN initially reported the possibility of a sale.

Fenway purchased controlling interests in the Penguins from Mario Lemieux and Ron Burkle in 2021. Lemieux and Burkle currently have minority shares in the franchise.

In addition to the Penguins, Fenway owns the Boston Red Sox of Major League Baseball and Liverpool Football Club of the English Premier League.

Fenway made a similar transaction involving Liverpool in September 2023, selling a minority stake in the team to sports investment firm Dynasty Equity.

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