PITTSBURGH — And now, we wait.
The secret’s out that a group led by Mario Lemieux is considering making an offer to Fenway Sports Group.
We know that Lemieux, Ron Burkle and David Morehouse are involved, and their group believes Fenway will sell for the right price. Fenway purchased the Penguins from Lemieux and Burkle for $900 million in 2021. Though the Penguins have fallen on difficult times on the ice, Fenway’s price will be higher than that.
We also know that Fenway has stated it isn’t interested in selling the team and is looking only for a minority investor to join in its ownership of the Penguins. The team’s attendance has dropped nearly 10 percent in the past three seasons, so a new minority owner would help offset financial losses.
However, sources close to Lemieux have made it clear that Lemieux and Burkle are not interested in becoming minority owners with FSG. It’s all or nothing for the two men who owned the Penguins from 1999 through 2021.
FSG has the power here. Still, sources say the living legend is eager to return to the NHL and have indicated that league commissioner Gary Bettman, who long enjoyed a strong relationship with Lemieux, Burkle and Morehouse while they ran the Penguins, is aware of the trio’s interest in reclaiming primary ownership.
Lemieux, the Hall of Famer who led the Penguins to two championships as a player and three more as an owner, still owns his home in the Pittsburgh suburb of Sewickley, Pa. He also owns property near Boca Raton, Fla., and spends some of his time in the Sunshine State. However, he’s long described himself as a Pittsburgher and spends most of his time in Western Pennsylvania.
He also retains a close relationship with Penguins captain Sidney Crosby, who turns 38 on Aug. 7 and has two years remaining on his contract. Lemieux also remains close with the two other members of the Big Three, Evgeni Malkin and Kris Letang.
Burkle is the money man in the Lemieux ownership group and would be forking over the majority of the capital if a deal is struck. According to Forbes, Burkle’s net worth is approximately $3.3 billion.
So, why would Lemieux, Burkle and Morehouse want to buy back the team for more than they sold it for, and so soon after selling it?
Expansion, for one. The NHL is expected to grow within the next couple of years — it’s widely believed that it will expand by two teams, with Houston and Atlanta being commonly cited as potential destinations. Expansion teams, according to a recent report from Sportico, would likely pay around $2 billion each for the right to enter the league. That money is distributed to the teams. Do the math. That’s $125 million for each of the 32 existing NHL teams’ owners if they expand by two franchises.
FSG is very aware of that. So, too, are Lemieux, Burkle and Morehouse.
When it comes to the Penguins, Lemieux historically gets what he wants. Many people I’ve spoken to within the organization are stunned that he would want back in, as Lemieux has been enjoying playing golf and spending time with his wife, Nathalie, and their children and grandchildren.
And yet, the sources close to Lemieux insist he’s very interested in making this happen — the king of the comeback pulling off one more.
The Lemieux group has neither made an offer nor discussed one with FSG. It’s expected that such a conversation will take place soon.
Trade clock is ticking
The Penguins’ forward unit, as currently constituted, is darn good.
Consider the top nine they could deploy if the season started today:
Rickard Rakell
Sidney Crosby
Bryan Rust
Anthony Mantha
Evgeni Malkin
Ville Koivunen
Rutger McGroarty
Tommy Novak
Phil Tomasino
I wouldn’t exactly call it a Stanley Cup-caliber group of forwards, but it’s not that kind of group that would give the Penguins the best opportunity to land Gavin McKenna, the top 2026 NHL Draft prospect who will play next season at Penn State.
That top line, as we know, is outstanding. Malkin is excited about playing with Novak, who has real talent. Koivunen and McGroarty also have talent, as we saw late last season. Tomasino does, too.
So, is this the top nine the Penguins will take into next season?
I haven’t a clue at this point. Time will tell. Penguins president/general manager Kyle Dubas isn’t selling Rakell and Rust for peanuts, nor is he married to the idea of keeping them for the long term.
Still, I keep going back to what several team sources have told me: Dubas wants to go young next season.
As July turns into August and training camp is less than seven weeks away, remember those words.
Things are quiet at the moment. However, as we all know, that can change. A big trade or two feels likely before training camp. Dubas hasn’t received offers that meet his liking yet, but he is fully committed to a rebuild. That means that having 30-somethings like Rust, Rakell and Mantha in your lineup doesn’t make much sense.
Again, the goal is to get younger. Rust and Rakell are good enough that they’ll not only hurt the Penguins’ chances of earning a top-five pick, but they should also fetch a significant return.
They could both be on the opening night roster, of course, but I’d be surprised if that happens.
Karlsson trade complications
There is interest in Erik Karlsson from opposing teams, but the Penguins don’t want to give him away for nothing.
For the right price, I believe he will be traded. The Penguins are willing to retain some of his salary. They realize he’s not part of the future in Pittsburgh and that the experiment hasn’t worked.
However, trading him remains complicated. I don’t see him playing out the final two years of his contract in Pittsburgh. Dubas would like to get a good return for the future Hall of Famer, whose value around the NHL varies widely based on whom you ask.
(Photo of Mario Lemieux: Minas Panagiotakis / Getty Images)