Mario Lemieux had one of the best NHL careers in history, earning induction into the Hockey Hall of Fame following his retirement in 1997. In just 745 games, he scored 613 goals with 881 assists for 1,494, all while playing with the Pittsburgh Penguins.
Financially, the franchise still owed Lemieux millions of dollars in deferred salary, and the former captain was one of their biggest debtors ($32.5 million) when the Penguins filed for bankruptcy in 1999.
In June 1999, Lemieux and Ronald Burkle (the Lemieux Group LP) bought the team from bankruptcy, using $20 million of his deferred salary as part of his purchase. Ultimately, Lemieux received only $5 million of the salary, allowing the Penguins to keep the remaining $7.5 million for operational needs.
Lemieux came out of retirement in December 2000 to help the Penguins on the ice. He played another 170 games, scoring an additional 229 points, and skated with Sidney Crosby for 26 games in 2005-06.
However, off the ice, one of the new ownership groups’ priorities was to secure funds for a new facility to replace Mellon Arena, one of the NHL’s oldest buildings.
In partnership with Isle of Capri Casinos, the Lemieux Group secured roughly $290 million for their project. Other local casino companies chipped in, but due to rising construction costs, the overall budget ballooned to over $300 million.
Eventually, the state of Pennsylvania and the Penguins had to contribute funds. By September 2009, the necessary funds were collected, and the project was ready to be completed for an August 2010 grand opening.
On the ice, Pittsburgh lost in the 2008 Stanley Cup Final but would win the franchise’s third title in June 2009.
Twelve years into Lemieux Group LP’s ownership, they sold some shares to John Surma in 2011. He remained a minority owner until December 2021.
The Lemieux Group, along with Surma, was soon joined by Debra Cafaro, who became another minority owner in December 2016. She, too, stayed in the group until the Lemieux Group sold shares to the Fenway Sports Group in December 2021.
The Pittsburgh Penguins were recently acquired by Fenway Sports Group for about $900 million.
The interesting part?
A former Penguins player is set to make over $350 million from the deal because of one negotiation in 1999.
This is the wild story 👇
— Joe Pompliano (@JoePompliano) December 26, 2021
On New Year’s Eve 2021, Fenway Sports Group became the majority owner of the Penguins. The Boston, MA-based organization owns many sports teams and properties, including the Boston Red Sox, Fenway Park, Liverpool Football Club, Anfield Stadium, RFK Racing, Salem Red Sox, and Worcester Red Sox.
Meanwhile, the Lemieux Group, headed by Mario, remains a minority owner of the club, while Burkle returned as a minority owner for another time.
As you’ll read in Joe Pompliano’s X thread, Lemieux made ten times more money on the deferred $32 million the Penguins owed him in 1999.
Moreover, Lemieux has gotten his name on the Stanley Cup three more times, thanks to championship wins in 2009, 2016, and 2017. Once a two-time champion, he’s now a five-time Stanley Cup winner, the most in franchise history.
Often called a hockey legend, Lemieux is arguably one of the greatest hockey minds on and off the ice. The Penguins almost left Pittsburgh before he was drafted in 1994; they almost left after he retired the first time. He’s undoubtedly a savior who has meant more to one franchise than any other athlete in professional sports history.
Source Agencies
