The Penguins Fenway Sports Group signed a purchase agreement on Sunday, with NHL Board of Governors approval now being the final step in completing the $900 million sale of the team.
Tom Werner, the chairman and one of the founders of Fenway Sports Group, spoke at the Sports Business Journal Dealmakers in Sports conference about the pending acquisition of the Penguins and the opportunity he sees in buying the team.
"We like the Pittsburgh Penguins a lot," he said. "We've spent a lot of time there. I think they've got a terrific management group. I think there's a lot of growth in the NHL. They just signed a new media deal with ESPN, and they've got a very strong collective bargaining agreement with the players. So we see a lot of opportunity there."
Werner called the Penguins an "iconic" team in the NHL, and spoke about the potential Fenway Sports Group sees in PPG Paints Arena and the nearby former Civic Arena site.
"When we went down there, we saw some opportunities to grow the revenues regarding the real estate, which they have an option to grow," Werner said. "There's a very large parcel next to the PPG Arena, and we saw some opportunities to raise revenue by creating some more hospitality spaces. And we think that there's some more events that could be held in the arena. We love the management, but we also think that with our talent, our executive talent, we can grow it."
"The @penguins are an iconic team."
— Sports Business Journal (@sbjsbd) December 1, 2021
Founder & Chairman of @fenwaysports Tom Werner on the pending $900M acquisition of the Pittsburgh Penguins. #SBJDM pic.twitter.com/q0vcrlmXm7