Mario Lemieux's bid to buy back the Penguins is not close to estimated team value, report says

CBS News

2 hours ago

Mario Lemieux's bid to buy back the Pittsburgh Penguins does not come close what the team's estimated value is likely worth, according to a new report.
Earlier this summer, it was reported that Lemieux, along with Ron Burkle and David Morehouse, were interested in buying the team back from the Fenway Sports Group, who purchased the team in 2021.
Lemieux and Burkle sold the Penguins to FSG for just shy of $1 billion and last month, it was reported that the Lemieux group was considering its financial options that could lead to taking control of the Penguins again at some point.
A new report from Sportsnet insider Elliotte Friedman suggests that the Lemieux group's bid for the team isn't close to FSG's apparent asking price.
The only thing I've heard about that so far is that they're just well below what Fenway would want to be the number," Friedman said on his 32 Thoughts podcast.
DK Pittsburgh Sports reported last month that the Lemieux group was prepared to buy somewhere in the range of $1 billion for the team.
The Penguins were valued at $1.75 billion in the latest Forbes rankings in the fall of 2024, which came in the midst of franchise values skyrocketing across the National Hockey League.
Friedman also referenced the recent $1.8 billion sale of the Tampa Bay Lightning, suggesting that price point could be "where the Penguins would want to be."