NHL Governors Approve Penguins Sale to Fenway Sports Group

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The NHL board of governors has approved Fenway Sports Group’s acquisition of the Pittsburgh Penguins.

Thursday’s vote was the final approval needed for the deal, the latest acquisition in an expanding sports and entertainment portfolio. Backed by billionaire John Henry, Fenway Sports also owns the Boston Red Sox, Fenway Park, Roush Fenway Racing and English soccer club Liverpool.

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It is unclear how much Fenway Sports is paying for the franchise. Sportico’s most recent valuations put the team at $845 million, 15th in the league. Current owners Ron Burkle and Mario Lemieux, who teamed up to buy the team out of bankruptcy in 1999, are both staying as minority partners.

It’s rare for an NHL team with the Penguins’ business underpinnings and recent success to hit the market. The team has won three Stanley Cup titles in the past two decades and has the highest local ratings TV of any NHL team. It also recently had a 633-game sellout streak that spanned 14 years.

Fenway Sports was valued at more than $7 billion earlier this year when RedBird Capital acquired a 10% minority stake. Other investors include LeBron James and record executive Jimmy Iovine.

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