Liverpool owners FSG plan to buy NHL franchise to expand £6billion empire

Liverpool's owners Fenway Sports Group are closing in on a deal to buy the Pittsburgh Penguins, as the Americans look to add a National Hockey League side to their expanding empire.

The group was founded two decades ago by John W Henry, and they purchased the Boston Red Sox in 2002, which is now one of the most valuable baseball teams in the world.

The Red Sox are valued by Forbes at £2.5billion, and since acquiring the Major League Baseball side they have bought Liverpool and half of NASCAR team Roush Fenway Racing.

However, with a £638m deal nearing completion with NHL side Pittsburgh, their empire looks set to exceed £6bn of net worth as they continue to venture into new sporting markets.

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FSG already own two of the biggest sporting giants in Liverpool and the Red Sox who have a combined value of £5.4bn alone, but at a time when capital is seeking sports and vice versa, the group have moved quickly with opportunities arising in the post-pandemic era.

The Penguins are also a giant in the world of ice hockey, and have won the Stanley Cup twice in the last five years, the ultimate prize in the NHL.

The Penguins were acquired by Ron Burkle and former star Mario Lemieux in 1999, with the team filing for bankruptcy, and Lemieux essentially settled for an ownership stake as he was owed more than £30m in salary.

It is thought that they weren't looking to sell, but FSG have come in with an offer too good to refuse, with both parties agreeing on keeping the Penguins' senior leadership in place, including chairman and current co-owner Lemieux according to the Wall Street Journal.

Purchasing more sports teams has always been the plan for FSG, and their imminent involvement in the NHL will likely be followed by potential ventures into other American sports, and even another football club outside of England as they target further domination.

The National Basketball Association is certainly one avenue that is expected to be explored by FSG, with LeBron James investing £540m into the group, which led to Nike getting on board with Liverpool.

James is one of the greatest basketball players of all time, and following another investment into American sports, the NBA is surely one of the next destinations for FSG.

For now, it's just the Penguins that FSG have targeted, but it appears to be a cleverly thought out model with an excellent business plan, as the side are still playing hockey in a publicly owned arena, with an unused site across the street that could be developed.

FSG have made vast expansions to Anfield since purchasing the club in 2010, with the intention to drive up revenues and maximise earnings at the stadium, and in Boston the group have been benefiting from real estate around the Red Sox arena - including a 5,000-seat indoor music and theatre venue.

Therefore, it makes it likely that the Penguins have been snapped up by FSG due to their current arena status, and the lot across the street from the PPG Paints Arena could also be used to facilitate bars, restaurants and housing.

The news is unlikely to go down too well on Merseyside, with the owners still in hot water following their attempted European Super League move, and some Liverpool fans have been frustrated with the lack of spending compared to their Premier League rivals.

To add more fuel to the fire, Mohamed Salah is still yet to agree a new deal despite admitting he would love to stay at the club, with discussions over his salary reportedly the stumbling block over an agreement.