Latest news with #RonBurkle
New York Times
5 days ago
- Business
- New York Times
Ownership group led by Mario Lemieux ‘very interested' in buying back Penguins
PITTSBURGH — A group headlined by former NHL owner and superstar Mario Lemieux remains 'very interested' in buying the Pittsburgh Penguins, according to a source close to the potential ownership group who has been briefed on discussions. The interest in reacquiring the team comes nearly four years after Lemieux and co-owner Ron Burkle sold the Penguins in 2021 to Fenway Sports Group (FSG) in a deal that valued the franchise at $900 million. Last month, The Athletic's Pierre LeBrun reported that former owners Lemieux and Burkle, as well as former chief executive officer David Morehouse, now an adviser with the Pittsburgh Steelers, were exploring the possibility of a deal to buy back the Penguins. Hearing from sources that the group of Ron Burkle, Mario Lemieux and David Morehouse are investigating the possibility of buying back the Penguins from Fenway Sports. Burkle and Lemieux sold the Penguins to Fenway in 2021. Fenway has been looking to sell a partial share. Will be… — Pierre LeBrun (@PierreVLeBrun) June 11, 2025 Since reports surfaced earlier this year that the team was on the block, FSG has stated that it isn't interested in selling the Penguins. 'We've seen the speculation, and as we've previously shared with media, Fenway Sports Group is currently engaged in a process to explore a potential minority investment in the Pittsburgh Penguins,' an FSG spokesperson said in a statement. 'The focus is on identifying a small, passive partner, and that is the current framework under discussion with potential investors.' Advertisement Still, the source said on Monday, the Lemieux group is continuing to consider its financial options and pondering avenues that could see it take control of the Penguins again at some point. 'Maybe it will happen, maybe it won't,' the source said. 'But they're interested. They're very interested. And they're trying to make it happen.' According to sources close to Lemieux and Burkle, NHL commissioner Gary Bettman has been made aware of the group's interest in rejoining the Penguins in an ownership capacity. News that Lemieux is interested in once again owning the Penguins sent shockwaves through Pittsburgh last month. He's not only the greatest athlete in Pittsburgh history but also perhaps more synonymous with the Penguins than any athlete has ever been with any franchise. Lemieux, who led the Penguins to two championships as a player and three more as an owner, still resides and spends most of his time in Pittsburgh. Since selling most of his stake in the team, the notoriously private 59-year-old Lemieux has mostly stayed out of the public eye. He golfs in Florida when he feels like it and spends time with his friends and grandchildren. While undeniably the best player in hockey, Lemieux retired at age 31 in 1997. After purchasing the team in 1999, news broke on Dec. 7, 2000 that he had the itch to play again, some 1,321 days after he had initially walked away from the game. Lemieux and Burkle agreed to sell the Penguins 1,323 days ago. Perhaps Lemieux misses the game. Franchise valuations have skyrocketed in the time since Lemieux and Burkle stepped away. In their most recent rankings, Sportico valued the Penguins at $1.47 billion while Forbes estimated the team's value at $1.75 billion. The NHL's expansion fee — $650 million when the Seattle Kraken joined the league in 2021 — is now reported to be at least $2 billion. Advertisement Re-investing in the Penguins could be a costly endeavor. The group's hope, however, is that FSG might be willing to consider a 'reasonable' price, the source said, considering the Penguins' on-ice struggles and lack of success at the box office. Pittsburgh has failed to reach the playoffs in three consecutive seasons. The Penguins sold just 91.4 percent of their available tickets during the 2024-25 season, the lowest mark of the Sidney Crosby era. They had not played with that percentage of empty seats since 2004, the year before Crosby arrived in Pittsburgh. According to the source, the Lemieux-Burkle group anticipates that the NHL is going to add two expansion teams at some point in the next few years, which would produce a financial windfall for all of the NHL's teams. (Photo of Mario Lemieux: Charles LeClaire / USA Today)
Daily Mail
16-06-2025
- Entertainment
- Daily Mail
Conservationists slam 'out of proportion' plans for US billionaire Soho House owner's six-bedroom Cotswolds mansion
Conservationists have labelled plans by Soho House's US billionaire owner to build a six-bedroom Cotswolds mansion as 'out of proportion'. Locals in Little Tew have been battling against Ron Burkle's bid to build a lavish six-bedroom country pile on farmland in the quaint Cotswolds idyll, and have now been joined in their objections by the conservation group. Mr Burkle, who owns celebrity hotspot Soho House and Michael Jackson 's former Neverland ranch, has rubbed shoulders with Elton John and the Duchess of York, Sarah Ferguson. He hopes to construct a six-bedroom house which would have a gun room, lift, entertainment room and wine store, several reception rooms, a butler's pantry and a domed entrance hall said to be inspired by the Pantheon in Rome. The sprawling manor house would also feature a natural swimming pool, bather's pavilion in the 'pleasure ground' area, stable block and estate manager's cottage plus a circular lawn that may be a helipad. But villagers have drawn battle lines against it and have been struggling for the best part of three years to have the scheme thrown out by West Oxfordshire District Council. Originally rejected in 2022, a renewed bid has since been lodged which has seen a total of 42 objections and 33 supporting comments submitted. Now, the Little Tew Conservation Group has voiced their concerns over the plans which they believe to be 'out of proportion'. They said: 'The impact of the proposed development upon the setting of the Little Tew Conservation Area would be harmful. 'This has been discussed and set out in previous submissions made by the Conservation Group and planning and conservation officers. 'As for public benefits, these are of little weight and not as claimed in the summary of benefits submitted. 'They do not produce overall environmental benefits but there are harmful impacts including on ecology, hydrology, landscape, heritage, archaeology and enjoyment of the footpaths in the countryside.' The group said all these concerns 'substantially outweigh any public benefits', adding: 'It is not accepted to be an outstanding piece of architecture and landscape design but completely out of place in the proposed location.' Plans for the house also include details of gardens, a stables courtyard, solar panels, a new lake and tree nursery. Worlledge Associates, on behalf of the applicant, said: 'The use of classical architectural forms is appropriate. The scale of the house and its designed landscape is appropriate and fits historic precedents. 'The proposed location of a house of this size is consistent with historic precedents. Understanding and experience of the agricultural context of Little Tew (and Great Tew) will remain. 'The proposed development would not result in harm to the setting of Little Tew. The character and use of the site as farmland will change, but intellectually and in a sensory way this will add to people's experience.' However, one neighbour vehemently against the proposals labelled them a 'monstrous carbuncle'. They said: 'Rather than being a development of 'truly outstanding quality', I believe it to be a proposal of truly outstanding grotesquerie. 'It would be a travesty for light and sound pollution to be increased by such a massive intrusion on the outskirts of our village. 'Please reject what would clearly be an inappropriate, non-isolated, habitat-threatening, polluting, un-enhancing and insensitive "monstrous carbuncle".' Mr Burkle is a Californian investor behind a string of deals involving US supermarkets. He bought a majority stake in Soho House - which includes Soho Farmhouse - in 2012 and serves as executive chairman. The ultra-rich American also owns Michael Jackson's infamous Neverland ranch, which he purchased in December 2020 for around £16million. He is behind plans for the Mullin Automotive Museum in nearby Enstone approved last year despite almost 200 objection letters sent to the council. The planning committee rejected earlier designs for the house in 2022 for failing to represent a 'truly outstanding development' and not meeting specific planning criteria. In a recent interview the 72-year-old mogul said he would be a good neighbour wherever he ends up living and support local charities and community organisations. He also said he is still in the process of buying the land and the current owner had drawn up the plans before he got involved. Mr Burkle added that he would only proceed to buy it if he gets planning approval.
Yahoo
31-01-2025
- Business
- Yahoo
Billionaire Face-Off: Loeb Battles Burkle Over Soho House Deal
Activist investor Dan S. Loeb and his hedge fund Third Point have challenged billionaire Ron Burkle over the future of members-only club chain Soho House & Co. by questioning a proposed $1.7 billion take-private plan. Third Point revealed in a filing Wednesday that it had taken a 9.9% stake in Soho House. Loeb wrote a letter to Soho House's board about his critique of the buyout, which he called a "sweetheart deal," according to Reuters and The Wall Street Journal. Soho House and Third Point didn't respond immediately to a request for comment. While both billionaires agree Soho House should go private, Loeb and Burke's clash centers on process and control and how fast the brand can profitably scale. Taking the company private could give Soho House breathing room to address its financial challenges without quarterly earnings pressure. For members paying $3,150+ annually, the outcome could determine whether Soho House returns to its exclusive roots or continues its expansion. For employees, the question is whether the private club model can maintain both profitable growth and cachet. The $9-per-share offer represented a 22% premium to the stock's closing price of $7.37 on Tuesday, representing a potential gain for investors. The buyout offer valued the company at nearly $2 billion. That was below the value at Soho House's IPO debut in 2021, when it had a market capitalization of $2.8 billion. To recap, in December, Soho House Executive Chairman Ron Burkle and his investment firm Yucaipa Companies, which have majority control of the member's club brand, said they had put together a consortium of investors to take it private. Loeb on Tuesday specifically called out Burkle's "obvious conflicts of interest and undue influence on the board via his super-voting share class." Loeb believes other hospitality sector investors might be interested in bidding. However, Soho House did signal earlier in 2024 that it was open to acquisition offers without ever announcing a deal after its board formed a committee to "evaluate certain strategic transactions, some of which may result in the Company becoming a private company." The company, known for its upscale members clubs in mostly metropolitan areas worldwide, has never made a quarterly profit over more than two decades. Built on its reputation as an exclusive hangout for the rich and famous, with its New York location gaining particular fame after being featured in the TV show "Sex and the City," the company has expanded to over 42 clubs globally. This rapid growth has led to concerns about overcrowding and diminishing exclusivity, especially in one short seller's report a year ago. Soho House has opened 27 Soho House members clubs since 2018 that 'are still in the ramp-up phase,' with strong growth in newer locations like Sao Paulo, Portland, Mexico City, Rome, and Paris. The company has seen early success with the new premium 'Mews House' concept in London's Mayfair, with plans to expand to New York and other locations, and its The Ned brand debuts a member's club in Washington, DC, on Friday. The company reported 'strong' first-quarter 2025 bookings, suggesting positive momentum. What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance. Read the full methodology behind the Skift Travel 200. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at Sign in to access your portfolio
Reuters
28-01-2025
- Business
- Reuters
Reports: Fenway Sports Group trying to sell minority stake in Penguins
January 28 - Fenway Sports Group is looking to sell a minority share of the Pittsburgh Penguins, multiple media outlets reported Monday. The Boston-based conglomerate hasn't revealed how much of the Penguins it plans to sell, but reports indicated that the group still plans on being the majority owner. This isn't the first time Fenway Sports Group has sold part of a team to outside investors, as it dealt a minority stake of Liverpool, an English Premier League club, to Dynasty Equity, which is based out of New York. Along with the Penguins and Liverpool, Fenway Sports Group also owns the Boston Red Sox, the New England Sports Network, NASCAR's RFK Racing and Boston Common Golf of the TMRW Golf League (TGL). Fenway Sports Group spent $900 million to grab control of the Penguins in 2021, taking over for previous owners Ron Burkle and Mario Lemieux, who established himself as a franchise centerpiece by spending his entire 17-year NHL career in Pittsburgh. Lemieux has still been involved with the organization, even after Fenway purchased the Penguins. Pittsburgh entered Monday 20-23-8 on the season (48 points). --Field Level Media
