NHL owners approve Penguins' sale to Fenway Sports Group

The NHL's Board of Governors unanimously approved the sale of the Pittsburgh Penguins to Fenway Sports Group.

"The purchase remains subject to negotiation and execution of documentation before the transaction can be closed," the league said Thursday.

The new owners signed an agreement to buy a majority interest in the club on Nov. 29. At the time, the sale was subject to league approval and was expected to close by year's end. The purchase price is still unconfirmed.

Previous majority owners Mario Lemieux and Ron Burkle will retain minority shares, and the team's senior management staff will remain in place.

Fenway Sports Group, which also owns MLB's Boston Red Sox and the Premier League's Liverpool, reportedly explored a merger with Maple Leaf Sports and Entertainment before pursuing the Penguins. MLSE oversees the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS' Toronto FC, and Scotiabank Arena.

Lemieux and Burkle rescued Pittsburgh from bankruptcy after buying the team in 1999. The Penguins won the Stanley Cup in 2009, 2016, and 2017.