“Liverpool owners FSG issue statement amid potential £660 million payout”

 

 

Liverpool owners Fenway Sports Group (FSG) are set to sell the Pittsburgh Penguins, just four years after acquiring the team. The Boston-based company has reached a “definitive agreement” with the Hoffmann Family of Companies regarding the sale.

FSG bought the NHL franchise around four years ago for an estimated £600 million ($900 million). The Penguins were the third major sports team added to FSG’s portfolio, following Liverpool and the Boston Red Sox.

While FSG has enjoyed considerable success with Liverpool—winning two Premier League titles and a Champions League—and the Red Sox, who have claimed four World Series titles during FSG’s tenure, their ownership of the Penguins has not been as fruitful. The Pennsylvania team has missed the playoffs for the past three seasons.

However, the Penguins’ value has risen significantly under FSG. Reports suggest the franchise could now be worth between £1.19 billion and £1.26 billion, with Sportico favoring the higher estimate. If accurate, this would mean FSG stands to make a profit of around £666 million. The sale is pending approval from the NHL Board of Governors.

FSG CEO Sam Kennedy explained that the Chicago-based Hoffmann family approached them with an offer for a controlling stake during a process to seek new investment. Kennedy said: “Their passion for the sport and commitment to doing things the right way made it clear they would be careful stewards of the franchise, which is why we gave serious consideration to their offer. We will work closely with them to ensure a smooth transition and maintain the momentum we’ve built. It has been an honor to be part of the Penguins’ story, working alongside a world-class leadership team, dedicated fans, and a supportive community. With Kyle Dubas continuing to lead hockey operations, the Penguins are well positioned to reclaim their place as perennial Stanley Cup contenders.”

Previously, in September 2023, FSG sold a minority stake in Liverpool to Dynasty Equity for between £80 million and £160 million. FSG also owns a 50% stake in NASCAR’s RFK Racing and Boston Common Golf of Tomorrow’s Golf League, and it leads a consortium called Strategic Sports Group, planning to invest up to $3 billion in the PGA Tour.