Mario Lemieux sold his remaining minority stake in the Pittsburgh Penguins and no longer holds equity in the franchise he rescued from bankruptcy in 1999. The sale, confirmed this week, closes a 25-year ownership chapter that began when Lemieux converted $20 million in deferred salary into a controlling interest and pulled the team out of Chapter 11.
Lemieux's exit follows Fenway Sports Group's acquisition of full operational control in 2021, when FSG bought out most minority partners and reduced Lemieux to a single-digit stake. That deal valued the Penguins at roughly $900 million. The current transaction price was not disclosed, but comparable recent NHL minority sales — Calgary's 6 percent stake moved at a $1.67 billion implied valuation in early 2024 — suggest Lemieux captured meaningful appreciation on a position that cost him forgone wages two decades ago. He retains no board seat and no formal advisory role.
The timing matters for two reasons. First, FSG now holds uncomplicated majority control as it navigates the Penguins' post-Crosby planning. Sidney Crosby turns 38 in August 2025; his contract expires in 2026. The front office has already begun quiet succession work — scouting reports on 2025 draft-eligible centers are circulating earlier than usual, and the team hired a former Maple Leafs analytics staffer in November whose remit includes long-term roster modeling. Lemieux's presence, even as a passive minority holder, carried symbolic weight that complicated unsentimental decisions. That weight is gone.
Second, the sale clarifies FSG's Pittsburgh posture ahead of a larger portfolio question. Fenway owns the Penguins, Liverpool FC, the Boston Red Sox, and a 50 percent stake in the NASCAR RFK Racing team. It also holds the Pittsburgh regional sports network that airs Penguins games. The RSN business is eroding — Bally Sports' bankruptcy and Diamond Sports' restructuring have depressed regional broadcast valuations by an estimated 35 percent since 2022. FSG is reportedly exploring either a full sale of the Pittsburgh RSN or a shift to a direct-to-consumer streaming model by 2026. Lemieux's exit removes one legacy voice from those conversations.
Lemieux's ownership tenure delivered two Stanley Cups (2009, 2016) and a new arena that opened in 2010. He sold his first tranche of equity to FSG in 2021 but retained a stake described at the time as "meaningful." That language now reads as courtesy. The Penguins averaged 17,254 fans per game last season, down 3.7 percent from their five-year average, and missed the playoffs for the second straight year. The franchise remains profitable — NHL teams generated an average operating income of $60 million in the 2023 season — but the Crosby-Malkin-Letang core is aging out, and the next era requires capital allocation decisions that are easier without the man who captained two Cup teams watching from the ownership suite.
FSG has not named a replacement minority investor. The typical NHL ownership structure includes a lead governor and 8-12 limited partners who supply capital but hold no operational authority. The Penguins' current partner roster includes Chatham Lodging Trust CEO Jeffrey Fisher and a handful of Pennsylvania-based family offices. One name circulating in Pittsburgh dealmaking circles: a Chicago-based private equity principal who attended the Penguins' home opener in October and was seated two rows behind the FSG executives. He has no public connection to the team. His firm has $4.2 billion in assets under management and has previously taken minority stakes in European soccer clubs.
Watch for FSG to either bring in a new minority partner by June 2025 or consolidate further by buying out remaining small stakeholders. Either move would streamline the cap table ahead of the 2026 Crosby decision. Separately, the Penguins are expected to announce a jersey patch sponsor before the start of the 2025-26 season — the team is one of seven NHL franchises without helmet or jersey advertising — and Lemieux's exit removes one voice who was reportedly cool to maximizing brand surfaces. The going rate for an NHL jersey patch is $8-12 million annually.
Lemieux's final equity sale came 26 years to the month after he made the first payment on the team's bankruptcy debt. He walks away with no ownership, no title, and a realized return that likely cleared nine figures on an initial basis of deferred wages. FSG now owns a franchise that needs a new captain, a new revenue model, and a decision on whether to rebuild or extend. The man who saved the team is no longer in the room.
The takeaway
Lemieux's exit gives FSG uncomplicated control as it navigates post-Crosby planning and a deteriorating RSN business.
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