Penguins Better Off Under Mario Lemieux Ownership

It’s been just a handful of years, but the Fenway Sports Group (FSG) may soon be out as majority owners of the Pittsburgh Penguins. A recent report from TSN’s Pierre LeBrun indicated that former owner and franchise icon Mario Lemieux has an interest in buying back the Penguins.

Lemieux and partner Rob Burkle are still minority owners of the Penguins but might be looking to up their stake in the franchise. According to Josh Yohe of the Athletic, Lemieux, Burkle, and former Penguins CEO David Morehouse are “very interested” in getting back into the owner’s box.

“Maybe it will happen, maybe it won’t,” a source said to Yohe. “But they’re interested. They’re very interested. And they’re trying to make it happen.”

FSG bought the Penguins for $900 million in 2021, and since then franchise valuations for all 32 teams in the NHL have crossed the $1 billion mark.

More than just the money, Lemieux and his group shouldn’t let off the gas in their pursuit of buying back the Penguins. If for nothing else, to bring a sense of fan morale to Pittsburgh.

The Penguins aren’t alone when it comes to struggling to find wins. The City of Pittsburgh hasn’t seen the second round of a playoffs since 2018. The Pittsburgh Steelers have disappointed quite a bit in recent years and the Pittsburgh Pirates continue to sink further into the abyss.

Calls for ownership change have been loud surrounding the Pirates. If Lemieux continues to sniff around the Penguins, there could be even more calls for another change of hands.

The Penguins have made the Stanley Cup Playoffs just one time under FSG’s leadership and that trend is likely continuing into 2026. The team and many fans are looking to the future with wins likely being hard to come by in 2025-26.

FSG has been open to selling a portion of their stake in the Penguins, searching for “a small, passive partner.” NHL commissioner Gary Bettman is aware of the Lemieux group’s intentions.

Lemieux is one of the most famous names in the Pittsburgh area, from his playing days starting in 1984 to saving the Penguins and keeping them in town. Him taking over control of the Penguins again would at bare minimum boost the vibes around the team as the work their way through a tough rebuild.