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Fenway Sports Group Closing in on Buying Pittsburgh Penguins

Fenway Sports Group, the parent company of the Boston Red Sox, Liverpool F.C., and Roush Fenway Racing, is reportedly in "advanced talks" to purchase the Pittsburgh Penguins, according to the Wall Street Journal.

The proposed deal "could be finalized later this week" if negotiations "don't fall apart" as terms continue to be discussed, sources with knowledge of the situation told the Wall Street Journal.

Fenway Sports Group is led by principal owner John W. Henry, who holds an estimated 40% of stock in the company, and Chairman Tom Werner, who controls the second-largest block of shares.

In March, the company added Los Angeles Lakers forward LeBron James and his longtime and business partner Maverick Carter as businesses partners.

James and Carter became the first Black partners of FSG and joined Basketball Hall of Famer Earvin "Magic" Johnson and Baseball Hall of Fame inductee Derek Jeter as the only Black owners of MLB teams upon their respective purchase of ownership stakes in the Red Sox.

Michael Silverman of the Boston Globe reported James purchased an "undisclosed amount of Fenway Sports Group shares after previously holding an approximately 2 percent share of the Liverpool soccer franchise since 2011," at the time of the deal.

The Boston Globe reported FSG aimed to add more professional sports teams to its ownership portfolio, as well as "betting, esports, and data analytics companies" amid the reported agreements with James and Carter.

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