Liverpool owners Fenway Sports Group have revealed why they are taking over the Pittsburgh Penguins.
Tom Werner, chairman of both FSG and Liverpool, outlined why the firm had decided to add the NHL ice hockey team to their growing portfolio after the takeover deal was confirmed, subject to NHL approval.
FSG had been seeking to add another sporting team ever since the $750m investment from RedBird Capital Partners back in March, an investment that was designed to allow FSG to continue to invest in infrastructure and focus on growth despite the financial pressures placed upon their operations as a result of the pandemic.
The deal for the Penguins, who are valued at around $875m (£656m), has been confirmed by both camps, with Ron Burkle and Mario Lemieux both remaining as part of the management team and joining the FSG ownership group having held control of the Pittsburgh team since saving them from bankruptcy in 1999.
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The deal is subject to approval by the NHL board of governors but that green light is expected to arrive before the end of the year.
Werner, in a Penguins release, said: "The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organisation, a terrific history and a vibrant, passionate fan base. We 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. We look forward to working with Mario, Ron and the entire Penguins front office team."
FSG, who were advised on the sale by Bank of America, have now added to a portfolio worth $8bn that includes Liverpool, the Boston Red Sox baseball team, the RFK Racing NASCAR team, Fenway Sports Management, Fenway Sports Group Real Estate and the NESN regional sports TV network.
Privately, not part of the FSG portfolio, FSG supremo John W Henry also owns the Boston Globe newspaper.
Penguins CEO David Morehouse said: " Fenway Sports Group 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.
"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."
FSG are understood to be turning their attentions to adding more sporting teams in 2022, with another European football team a possibility. A report from Axios claims the next target could well be an NBA franchise, something that FSG have been on record previously, through Red Sox president and FSG partner Sam Kennedy, as confirming their interest in.
