Mario Lemieux no longer owns a stake in the Pittsburgh Penguins, ending his formal connection to the team as an owner for the first time since 1999.
Two sources told DK Pittsburgh Sports that Lemieux and longtime business partner Ron Burkle have sold their remaining shares. Lemieux had kept a small stake after Fenway Sports Group bought the Penguins for $900 million in 2021, while Burkle had held a larger share.
Both now own zero shares after FSG sold the Penguins to the Hoffmann Family of Companies for $1.75 billion earlier this year.
Lemieux had also tried to put together a group to buy the Penguins back, but the Hoffmann family ultimately won the bidding. That leaves the 60-year-old without an ownership role with the franchise he has been connected to since being selected No. 1 overall by Pittsburgh in the 1984 NHL Draft.
There is still a chance Lemieux could remain around the team in some way. Penguins governor Geoff Hoffmann said in June that he would welcome Lemieux’s involvement.
“Mario and I have spent some time together,” Hoffmann said. “He’s been as good as advertised, I think. Just a great, great guy. I’m really hopeful that he’ll be a part of this in whatever way, shape or form makes sense for him. We’d love for him to be part of it. We know what he means to the Penguins, what he means to the city and what he means to the NHL. Everybody would embrace him with open arms.”
One possibility, according to a source, is for Lemieux to keep a suite at PPG Paints Arena for himself, his family and friends. He has also said he would like to maintain a presence around the Penguins even without an ownership stake.
Mario Lemieux’s Penguins legacy was built long before his latest exit
Mario Lemieux’s name has been tied to the Penguins for decades, first as their star player and later as part of the ownership group.
He won two Stanley Cups with Pittsburgh as a player, lifting the trophy in 1991 and 1992. He then watched the Penguins win three more during his time as an owner, in 2009, 2016 and 2017.
Lemieux is still Pittsburgh’s career leader in goals with 690. His 1,723 points and 1,033 assists are both second in team history, behind Sidney Crosby’s 1,761 points and 1,107 assists.
His ownership of the Penguins also came at an important time for the franchise. When Pittsburgh filed for bankruptcy in 1998, Lemieux was owed more than $32.5 million in deferred salary. He agreed to turn that money into equity, helping him and Ron Burkle take control of the team on Sept. 3, 1999.
Mario Lemieux was also involved in keeping the Penguins in Pittsburgh several years later. The team reached an agreement for a new arena in 2007 and signed a 30-year lease that was set to keep the franchise in the city through 2040.
Edited by Sonali Verma