Fenway Sports Group signs agreement to purchase Penguins

Fenway Sports Group LLC, owners of the Boston Red Sox and Liverpool, have signed an agreement to purchase the Pittsburgh Penguins, the NHL club confirmed Monday.

The purchase price is currently unknown, and the NHL still needs to approve the deal. The Penguins said Monday they expect the sale to close by the end of this year.

Pittsburgh's previous majority owners, Ron Burkle and Mario Lemieux, will remain part of the ownership group, and the Penguins' senior management team will stay in place.

Burkle and Lemieux have owned the Penguins since 1999, saving the franchise from bankruptcy and overseeing three Stanley Cups from 2009-17.

Fenway Sports Group reportedly sought a merger with Maple Leafs Sports and Entertainment before pursuing Pittsburgh, but the Toronto-based conglomerate wasn't interested.

The Penguins were valued at $845 million in October, the 15th-highest total in the NHL, according to Sportico.