How Much Did Mario Lemieux Sell The Penguins For

So, you’re probably wondering: how much did Mario Lemieux sell the Pittsburgh Penguins for? It’s one of those sports trivia questions that sounds like a pop quiz surprise, but the answer is actually a wild ride through hockey history. Let’s break it down in a way that feels more like a chat over coffee than a boring finance report. Ready?

Here’s the headline number: in 2021, Mario Lemieux and his ownership group sold the Penguins for a reported $900 million to the Fenway Sports Group. Yes, the same folks who own the Boston Red Sox and Liverpool FC. Nine hundred million dollars. That’s not just a lot of pucks—that’s a lot of zeros.

How did we get here? A quick storytime

If you’re a hockey fan, you know Mario Lemieux isn’t just a player—he’s practically a superhero who saved the franchise. Back in 1999, the Penguins were drowning in debt, on the verge of folding or moving. Literally. They owed around $90 million and had no savior in sight.

Enter Lemieux. He was still technically an active player, but he used his deferred salary and smart business moves to buy the team for about $20 million in bankruptcy court. Twenty million. That’s less than some NHL players make in a single season today. Crazy, right?

Fast forward 22 years, and that $20 million gamble turned into a $900 million payday. That’s a return of about 4,400%. If your mutual fund did that, you’d probably frame the statement and hang it in your living room.

Why this is cooler than you think

The cool part isn’t just the money—it’s the story. Mario Lemieux went from being the team’s best player to its owner to its seller. He literally dragged the Penguins out of financial hell, won three Stanley Cups (two as a player, one as an owner), and then handed the keys to a mega-sports corporation.

It’s like if your favorite band’s lead singer bought the record label, released a platinum album, and then sold the company for a billion bucks. That’s the kind of legend we’re talking about.

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And let’s be real—$900 million is a tidy sum, but it’s still less than what the Penguins are probably worth today. The Fenway Sports Group bought them at a moment when the NHL’s value was climbing, but not yet peaking. In 2024, Forbes estimated the Penguins were worth over $1.1 billion. So Lemieux sold at the right time, but not the very top. Smart money, though.

Comparing it to other sports sales (because why not?)

To give you a sense of scale: the Penguins sold for more than the Carolina Hurricanes ($420 million in 2018) and the New York Islanders ($440 million in 2019). But compared to the Los Angeles Rams (NFL) selling for $6 billion? That’s a different galaxy.

Still, $900 million is a big deal for a small-market hockey team from Pittsburgh. It shows that even a city known for steel and sandwiches can produce a sports dynasty worth nearly a billion bucks.

Also, consider this: Mario Lemieux’s initial $20 million stake was basically a Hail Mary. He used his own future salary, plus loans, to buy the team. It was a huge risk. Talk about betting on yourself.

What happened to Mario after the sale?

Good question. Mario didn’t just walk away with a paycheck and disappear. He stayed on as a minority owner and an advisor to the Penguins. So he’s still around, watching games from a suite, probably sipping something fancy while the new owners handle the spreadsheets.

Pittsburgh Penguins owners Mario Lemieux, Ron Burkle look at sale

As for his personal wealth? The sale boosted his net worth to an estimated $400–500 million. Not bad for a guy who once couldn’t even afford to keep his own team alive. Talk about a glow-up.

And honestly, it’s a feel-good story. Lemieux could have cashed out years earlier, but he waited until the Penguins were stable, competitive, and beloved. He sold at a point where the franchise had a bright future, not a fire sale.

So, what’s the takeaway?

The next time someone asks, “How much did Mario Lemieux sell the Penguins for?” you can drop the mic: $900 million. But also remember the journey—from a bankrupt team to a billion-dollar asset, with one of the greatest hockey players ever at the helm.

It’s a reminder that sometimes, athletes are smarter than we give them credit for. And that a little bit of vision (and a whole lot of talent) can turn a rusty arena into a golden investment. Not too shabby for a guy from Montreal who just wanted to play hockey.

So, are you inspired to save up and buy your favorite team? Maybe start with a fantasy league first. But hey—dream big. Mario did.