Fenway Sports Group and the Pittsburgh Penguins have reached an agreement that will give them control over one of the NHL’s iconic franchises.

Monday was a day of celebration for the Penguins, who announced that both sides had agreed to a deal. This would require approval by the NHL Board of Governors. The decision will be made by the end the year.

The financial details of the Penguins were not disclosed. Sportico estimated that the Penguins were worth $845 million in August.

The deal will also include the addition of Mario Lemieux, Penguins Hall of Famer and Ron Burkle as co-owners.

Pittsburgh’s management structure will remain the same. The CEO David Morehouse, Ron Hextall general manager, Brian Burke president of hockey operations, Mike Sullivan head coach and Mike Sullivan all will remain where they are.

FSG Chairman Tom Werner released a statement saying that “The Pittsburgh Penguins” are a leading National Hockey League franchise, with a formidable organization, an incredible history, and a passionate fan base. We are determined to maintain the Penguins’ incredible tradition of thrilling play and winning championships.

In their five-year history, the Penguins won five Stanley Cups. This includes three in 1999 when Lemieux & Burkle took control of a financially troubled franchise. The longest streak of active North American professional sports, Pittsburgh reached the playoffs for 15 years.

Lemieux released a statement saying that as the Penguins begin a new chapter, he would be active and involved with them as he always was. They have an organizational philosophy similar to the one that Ron and I used over the last 22 years.

After a rough start to 2021-22, the Penguins are now in good shape. Pittsburgh is up to five wins from six going into the four-game road trip, which begins Monday in Calgary.

FSG is the owner of Major League Baseball’s Boston Red Sox, and Liverpool of Premier League. It was seeking to acquire another major sporting franchise.

The company brought on LeBron James as an investor this spring. James said that ultimately he wants to own an NBA franchise. RedBird Capital Partners invested $750 million in FSG, valuing the sports conglomerate as $7.35B.