According to sources include the Liverpool Echo, Fenway Sports Group are on the verge of buying a majority stake in another sports team. The Pittsburgh Penguins are an ice hockey team that plays in the NHL, and it appears that a deal between the club and FSG could be finalized sometime this week.
Though the total investment is unknown at this time, the Echo sites valuation for the franchise at $845m.
It’s unsurprising to see FSG continue expanding their portfolio, especially given the £533million injection of cash the company received earlier this year from RedBird Capital Partners.
Fenway Sports Group has become so synonymous with the city of Boston that it’s interesting to see them take an interest in a sports team from another US city.
And if you’re wondering how FSG can shell out almost a billion dollars to buy a whole, brand new team but can’t afford to invest in the Liverpool Women, well, then you must be new here.
Time will tell what this news means for the Reds, for FSG continuing to bring in the best players, and for the club offering competitive wages to their biggest stars.