PITTSBURGH — There’s shooting, there’s scoring, and there’s setting up to sell for nearly a billion dollars.
Give it up for Mario Lemieux and Ron Burkle: They’ve really lit the lamp.
I was told late Tuesday night by an impeccable source that the Penguins’ sale price to the Fenway Sports Group, if the transaction’s consummated -- more on that in a bit -- will be $900 million. Details remain to be resolved, and some financial components are part of that, per the source, but that’s the base price, and it’s ... wow, something.
It’s a win and a half for a franchise that most independent financial publications had pegged as being valued in the $700 million range. And it’s also a win, of course, many times over for Lemieux, who gained ownership equity through being owed $32 million as a player, and for Burkle, whose initial investment in 1999 was $22 million.
©2021 Cox Media Group