Pittsburgh Penguins sale: Fenway Sports Group reaches agreement to buy team

PITTSBURGH — The sale of the Pittsburgh Penguins to Fenway Sports Group is another step closer to being official.

On Monday, it was announced that FSG has entered into an agreement to acquire controlling interest in the Penguins.

Pending approval from the NHL Board of Governors, the deal is expected to close by the end of the year.

>>PREVIOUS STORY: Report: Boston Red Sox ownership group in talks to buy Pittsburgh Penguins

Under the deal, both Mario Lemieux and Ron Burkle will remain part of the team’s ownership group.

“As the Penguins enter a new chapter, I will continue to be as active and engaged with the team as I always have been and look forward to continuing to build on our success with our incoming partners at FSG,” Lemieux said in a statement. “They have an organizational philosophy that mirrors the approach that worked so well for Ron and me over the past 22 years.”

In a news release, the Penguins said Lemieux will “continue his role guiding hockey operations for the organization. In addition, continuity of leadership will be maintained among the club’s senior management team of CEO David Morehouse, COO Kevin Acklin, President of Hockey Operations Brian Burke, General Manager Ron Hextall, and Head Coach Mike Sullivan.”

Lemieux and Burkle purchased the team in 1999.

“Mario and I came in together, and we are excited to become a part of the new ownership group,” Burkle said in a statement. “The Pittsburgh Penguins will be in good hands with FSG, and Mario and I are here to support them, committed as much as we’ve always been to the success of the franchise.”

Channel 11′s partners at DK Pittsburgh Sports reported that the purchase agreement is $900 million.

“The Pittsburgh Penguins are a premier National Hockey League franchise with a very strong organization, a terrific history and a vibrant, passionate fan base. We will work diligently to continue building on the remarkable Penguins’ tradition of championships and exciting play,” FSG Chairman Tom Werner said in a statement.