Mario Lemieux's Bid for Penguins Ownership Faces Valuation Challenges

Mario Lemieux's potential bid to reacquire the Pittsburgh Penguins remains distant due to valuation disagreements. Since TSN’s Pierre LeBrun first reported Lemieux’s interest, speculation has grown about a full ownership transfer from Fenway Sports Group (FSG) to Lemieux, Ron Burkle, and David Morehouse. While FSG is open to partial investments, Lemieux’s team aims for complete control, but the financial demands pose a significant hurdle. Elliotte Friedman, on the 32 Thoughts Podcast, revealed that Lemieux's offer falls substantially below FSG's asking price. FSG acquired the Penguins in 2021 from Lemieux and Burkle for $900 million. With NHL teams now valued above $1 billion—exemplified by the Tampa Bay Lightning's recent $1.8 billion sale—FSG’s valuation expectations are high. Friedman noted that current bids for the Penguins are not close to that figure. Although Lemieux, who owned the team from 1999 to 2021 alongside Burkle and later with Morehouse, remains interested, the financial gap is considerable. The Penguins, currently facing a slide into a rebuilding phase with recent missed playoff appearances, have a high asking price that complicates any potential ownership change...