Is This The Right Time For Lemieux To Buy Back Penguins?

There is one name that will forever be synonymous with the Pittsburgh Penguins. He saved the franchise on multiple occasions. He’s one of the greatest players in NHL history. And he mentored and helped shape one of his fellow greatest players in NHL history in Sidney Crosby. 

It’s no secret that Mario Lemieux’s impact on the Penguins will forever be etched within the framework and echoed inside the walls of whatever rink the team calls home through the years. And this is why it was all the more shocking when Lemieux and Ron Burkle decided to take a step back from their majority ownership position on Dec. 9, 2021, and sell the team to Fenway Sports Group (FSG).

As it turns out, they are - reportedly - having some seller’s remorse.

It was reported back on Jun. 11 by Pierre LeBrun of The Athletic that Lemieux, Burkle, and former Penguins’ CEO David Morehouse - as well as another unknown party - were interested in buying back the team from FSG, who bought it at a $900 million valuation at the time of purchase. There was a lot of murkiness when the report emerged last month because - midway through the 2024-25 season - FSG co-founders Tom Werner and John Henry did come out and say that they were interested in selling to minority investors but retaining the majority share.

FSG doubled down on that in a statement released after the LeBrun report broke:

“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,” the statement read. “The focus is on identifying a small, passive partner, and that is the current framework under discussion with potential investors.”

Fenway Sports Group Takes Penguins To Market For Minority Sale: What To KnowFenway Sports Group - who's had controlling interest in the Penguins since 2021 - is still expected to retain majority share

Meanwhile, a report last week from Josh Yohe - also of The Athletic - claimed from a source that 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.” Yohe also wrote that NHL commissioner Gary Bettman is aware of Lemieux and company’s interest.

While this is a developing situation - and it remains to be seen just how high a share of the Penguins Fenway is willing to sell - it’s certainly an intriguing one. And it also calls into question whether or not now is the right time for Lemieux to come back into the fold. 

Lemieux hasn't been actively involved with the Penguins, really, in several years. Rumors of a falling out and strained relationship between Lemieux - who still owns a minority share in the Penguins - and FSG emerged not long after the initial sale. If these rumors are true, it would, likely, take a lot for FSG to even consider selling back to Lemieux's group.

Financially, it probably isn’t the best time for Lemieux, either. The Penguins are a rebuilding team, have missed the playoffs for three consecutive years, and have seen attendance numbers drop over the past couple of seasons. Evgeni Malkin is in the final year of his contract, and his future is unclear. Crosby is entering year one of a two-year extension, and it remains to be seen whether or not Crosby is interested in playing beyond his current contract.

Right now, the team is valued at around $1.5 billion, depending on where you look - which is much higher than the $900 million the team was originally sold for. It may, honestly, be in the best financial interest of Lemieux and his cohort to wait things out a bit and see what direction the team takes.

But, for sentiment? For culture purposes? It might not be the worst thing. 

If one thing was loud and clear about the Lemieux ownership years, it’s that the team did not shy away from “going for it.” While that might not be the best avenue for the upcoming season for the Penguins, it is important to consider that - assuming they miss the playoffs again in 2025-26 - they are already facing down four consecutive failed seasons.

The longer teams lose, the more a losing culture is bred within a room. Ask the Buffalo Sabres. The Chicago Blackhawks. The Detroit Red Wings. The Anaheim Ducks. The San Jose Sharks. The list goes on. 

Penguins’ GM and POHO Kyle Dubas has reiterated time and time again that he wants to get Pittsburgh back to contention as “urgently as possible.” Winning is important to this organization. It’s important to Dubas, it’s important to Crosby, and it’s certainly important to Lemieux.

Maybe, just maybe, having a Penguins’ legend back in the fold will give this team the juice it needs in 2026-27 to start pushing again. Maybe not. But, regardless, the Penguins have certainly missed Lemieux and would welcome him back with open arms.

And Lemieux has - evidently - missed the Penguins.

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