FSG line up bid for Pittsburgh Penguins
Fenway Sports Group, who own MLB side, Boston Red Sox, NASCAR team, Roush Fenway Racing and also Liverpool Football Club, are reportedly closing in on a $638 million deal for NHL franchise, the Pittsburgh Penguins.
Founded in excess of two decades ago by American businessman JW Henry, FSG has established itself as a major player in the world of sport, with an empire valued at an estimated $6 billion.
The acquisition of the Penguins will be seen as a coup, with the NHL side having won the Stanley Cup on two occasions over the last five years.
What does this mean for the Penguins?
The Penguins are already considered to be one of the best side’s in the NHL though FSG have proven themselves to be an ambitious corporation.
Having taken over Liverpool, they built for long term success which paid off when the club won the Champions League and Premier League in successive seasons.
The Red Sox, meanwhile, are one of the most valuable sports franchises in the world, believed to be worth around $2.5 billion.
One thing that this could mean for the Penguins is more capital being available for contract extensions and new signings.
New venue a priority
Arguably one of the top objectives for FSG will be a new home for the Penguins who are still playing in a publicly-owned arena.
One potential space that has been identified sits across the street, which could be used as a multi-entertainment arena for the franchise, that could easily house bars and restaurants.
A link-up with sponsors such as online gambling giants could well be one route that FSG take, especially with a new venue, as this starts to become the new normal for US sports franchises.
FSG have a track record for building sports franchises and their latest acquisition could well pay dividends in the long term.