Has Mario Lemieux officially closed his 27-year ownership chapter with the Pittsburgh Penguins in NHL history

Mario Lemieux’s 27-year run as owner of the Pittsburgh Penguins is reportedly over, with the Hockey Hall of Famer and his long-time business partner Ron Burkle selling their remaining shares. The development means Lemieux no longer has a formal ownership stake in the franchise he helped rescue from bankruptcy in 1999.The move comes months after the Hoffmann Family of Companies finalised its purchase of the Pittsburgh Penguins from Fenway Sports Group. The new owners had previously said they'd like Lemieux to stay involved, but recent reports suggest the rest of his share has now been sold.Why did Mario Lemieux leave Pittsburgh Penguins ownership?Mario Lemieux has reportedly divested himself of his remaining stake in the Pittsburgh Penguins, severing his formal ties to the NHL franchise he co-owned.In 1999, Lemieux purchased majority control of the Pittsburgh Penguins when the franchise was on the verge of bankruptcy and had to be moved. He took a lot of deferred salary owed to him and turned it into equity, helping to set a path forward for the team to stay in Pittsburgh. His ownership group would include Ron Burkle.Lemieux became a rare figure in professional sports, moving from star player of the Penguins to owner of the same franchise. He was drafted 1st overall by the PittsburghPenguins in the 1984 NHL Entry Draft.What changed after Fenway Sports Group bought Penguins?In 2021, the Penguins were sold to Fenway Sports Group, with Lemieux and Ron Burkle maintaining minority ownership stakes. At the time, Lemieux said he planned to remain active and involved with the organization.That ownership structure changed again when the Penguins were bought out in a controlling interest by the Hoffmann Family of Companies. The transaction was unanimously approved by the NHL’s Board of Governors in June 2026. The deal is worth about $1.75 billion.Lemieux’s exit is significant because his connection to the Penguins was more than just ownership. He was a player who won Stanley Cup championships in 1991 and 1992, and an ownership group that orchestrated three more titles in 2009, 2016 and 2017.He also scored 690 goals and 1,723 points over 915 regular-season NHL games during his playing career. Those numbers have him trailing Sidney Crosby in a few key Pittsburgh Penguins franchise scoring categories.The ownership exit is therefore more than just a business transaction. It ends the formal ownership chapter of one of the most unusual player-to-owner stories in NHL history, but Lemieux’s influence on the Pittsburgh Penguins and the city remains firmly in place.Mario Lemieux has reportedly ended his 27-year relationship as owner of the Pittsburgh Penguins, selling his remaining share along with a long-time business partner. Lemieux became a part owner in 1999, helping to save the franchise from bankruptcy. His departure ends an extraordinary chapter that tied one of the NHL’s greatest players directly to Pittsburgh’s ownership history.Get the latest Sports News and Live updates. Download the TOI app.