Penguins' Attendance Rapidly Dropping: Mario Lemieux Set to Propose Bold Billion-Dollar Solution
Photo credit: Edit from Reuters
Attendance at Pittsburgh Penguins games is dropping, and NHL insider Josh Yohe revealed that Mario Lemieux may have a bold billion-dollar solution to fix it.
Mario Lemieux can now seriously think about returning to NHL ownership. Mario Lemieux, Ron Burkle, and David Morehouse have a group reportedly looking to bid on the acquisition of the Pittsburgh Penguins from Fenway Sports Group (FSG), which purchased the team from them in 2021 for $900 million.
FSG has indicated publicly that it's not interested in selling but in bringing on a minority investor to assist with recent financial losses, such as a nearly 10% decline in attendance for the last three seasons.
Mario Lemieux Wants Full Ownership of the Penguins, not Just a Minority Share
However, sources close to Lemieux say he and Ron Burkle are interested in nothing short of full ownership, not a minority position, which was reported by NHL insider Josh Yohe.
"The secret's out that a group led by Mario Lemieux is considering making an offer to Fenway Sports Group.
We know that Lemieux, Ron Burkle and David Morehouse are involved, and their group believes Fenway will sell for the right price. Fenway purchased the Penguins from Lemieux and Burkle for $900 million in 2021. Though the Penguins have fallen on difficult times on the ice, Fenway's price will be higher than that.
We also know that Fenway has stated it isn't interested in selling the team and is looking only for a minority investor to join in its ownership of the Penguins. The team's attendance has dropped nearly 10 percent in the past three seasons, so a new minority owner would help offset financial losses."
- Josh Yohe
We know that Lemieux, Ron Burkle and David Morehouse are involved, and their group believes Fenway will sell for the right price. Fenway purchased the Penguins from Lemieux and Burkle for $900 million in 2021. Though the Penguins have fallen on difficult times on the ice, Fenway's price will be higher than that.
We also know that Fenway has stated it isn't interested in selling the team and is looking only for a minority investor to join in its ownership of the Penguins. The team's attendance has dropped nearly 10 percent in the past three seasons, so a new minority owner would help offset financial losses."
- Josh Yohe
While FSG might have the upper hand, Lemieux's group believes the right deal can win them over. NHL commissioner Gary Bettman, whom Lemieux and his former owners share a cordial history with, is understood to be cognizant of their aspirations.
Lemieux, still living primarily in the Pittsburgh area, is good buddies with Penguins stars Sidney Crosby, Evgeni Malkin, and Kris Letang.
While he's enjoyed his retirement, sources say he's dead serious about getting back into team ownership. Burkle, whose fortune is estimated at $3.3 billion, would provide much of the capital.
Why buy the team back now, and at a higher price? Expansion is a major factor. Since the NHL is on the verge of adding two teams, possibly in Houston and Atlanta, each current franchise could receive up to $125 million from expansion fees alone.
No formal offer has been made so far, but a call with FSG is on the horizon. And in the Penguins' situation, Lemieux is used to receiving what he wants.
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