For nearly 40 years, Mario Lemieux has been the heart and soul of the Pittsburgh Penguins. And he's vowing that won't change even as Fenway Sports Group takes over the team.
In his first comments since news broke that FSG would be taking a controlling interest in the Penguins, Mr. Lemieux made it clear that he still will stay involved.
"As the Penguins enter a new chapter, I will continue to be as active and engaged with the team as I always have been and look forward to continuing to build on our success with our incoming partners at FSG," Mr. Lemieux said in a statement Monday.
He added that FSG has "an organizational philosophy that mirrors the approach that worked so well" during the 22 years he and California billionaire Ron Burkle have owned the team.
FSG and the Penguins formally announced the transaction Monday after the Boston sports conglomerate signed a purchasing agreement to take control of the franchise.
Mr. Lemieux and Mr. Burkle, who won three Stanley Cup championships together as co-owners, "will remain part of the ownership group and will be closely aligned with FSG," according to the statement. Both are expected to have minority stakes in the team.
Under the arrangement, FSG will be the general partner and have control over the team and Mr. Lemieux and Mr. Burkle will be limited partners. The exact stakes each will hold has not been divulged.
The transaction still must be approved by the National Hockey League board of governors. That potentially could happen at its meeting next week. Closing is expected before the end of the year.
According to the release, Mr. Lemieux, a Pittsburgh sports icon who guided the Penguins to two Stanley Cup championships as a player, "will continue his role guiding hockey operations for the organization."
As expected, the team's core management also will remain in place.
That includes CEO David Morehouse, chief operating officer Kevin Acklin, coach Mike Sullivan, general manager Ron Hextall and president of hockey operations Brian Burke.
The deal is valued at $900 million, according to a source close to the Penguins, setting the benchmark for NHL franchises.
It is far above the sales prices for Arizona Coyotes and Carolina Hurricanes — valued at $300 million and $425 million, respectively — in recent years. The Penguins are currently valued at $650 million by Forbes.
In the announcement, FSG chairman Tom Werner said the new ownership "will work diligently to continue building on the remarkable Penguins' tradition of championships and exciting play."
"We are particularly excited to welcome Mario Lemieux and Ron Burkle to FSG and have the utmost respect for all they have done to build the Penguins into the perennially successful franchise we know today," he said.
In his own statement, Mr. Burkle stressed that the Penguins "will be in good hands with FSG, and Mario and I are here to support them, committed as much as we've always been to the success of the franchise."
As part of the deal, FSG also will gain control of PPG Paints Arena, which is owned by the Pittsburgh-Allegheny County Sports & Exhibition Authority, and the development rights to the 28-acre former Civic Arena site across the street in the lower Hill District.
In addition to the NHL, the SEA also must approve the transaction. That could happen this month as well.
"I think it's good for the city. I think it's good for the fans. The sooner we get it done and get it concluded, it will be better for everyone," said state Senator and SEA board chairman Wayne Fontana.
"I personally will be thrilled to see the new ownership come in and take an additional perspective on how to be a winner, how to maintain a winning team, and how to make that development of the 28 acres even better. A new perspective would be great," he added.
FSG, Mr. Morehouse said in a statement, "brings everything we could ask for in an ownership partner to help continue the historic success of the Pittsburgh Penguins."
"They understand what the Penguins mean to Pittsburgh, and they bring to us the latest in cutting-edge sports research, data analytics, player training and performance, real estate development, and organizational excellence," he said. "This combination is a truly exciting partnership that positions our club at the forefront of the future of professional sports and allows us to build upon what Ron and Mario created."
Mr. Lemieux and Mr. Burkle have co-owned the franchise since 1999, when they bought it in bankruptcy. Neither has drawn a salary since taking over the team.
FSG, valued at more than $7 billion, is owner of the Boston Red Sox, Liverpool Football Club of the English Premier League, Roush Fenway Racing of NASCAR and 80% of the New England Sports Network.
It is backed by billionaire John Henry, who also owns the Boston Globe newspaper. He has been trying to secure an NHL franchise since the 1990s.
Sources within the Penguins have said that FSG plans to honor all commitments the team has made regarding the work of the former Civic Arena site, including a community benefits agreement and a deal to divert tax revenue generated by the development to the middle and upper Hill.
There has been no talk that FSG has any interest in relocating the Penguins. The lease with the SEA binds the team to Pittsburgh at least until June 30, 2040.
In fact, experts have said that the high-powered sports conglomerate likely will bring more stability and financial heft to the team. In March, FSG received a $750 million cash infusion from RedBird Capital Partners, aimed at fueling its quest for more acquisitions. Another high-profile investor is basketball star LeBron James.
