Introduction

As of August 2023, Mario Lemieux is a co-owner of the Pittsburgh Penguins. Since 1999, he has played a significant role in the ownership group, initially purchasing the team out of bankruptcy. This article will explore the current ownership status, the financial aspects of the ownership stake, and the history of Lemieux's involvement in the team. We will also address common questions regarding Mario Lemieux's ownership and provide insights from credible sources and financial estimates.

Current Ownership Status

The answer to the question of whether Mario Lemieux still owns part or all of the Pittsburgh Penguins is, indeed, yes. Lemieux, along with Ron Burkle and a few others, forms the core of the ownership group. Although he initially owned a substantial portion of the team, in 2011 he became a limited partner after selling a portion of his ownership stake. However, he remains a significant and influential figure within the organization.

Estimates and Financials

The exact percentage of ownership that Lemieux holds is uncertain, with estimates ranging from 15 to 40 percent. As of the latest Forbes valuation, the Pittsburgh Penguins are worth approximately $665 million. Various publications estimate Mario Lemieux's net worth at between $150 and $160 million. Based on these numbers, it can be inferred that his ownership stake is likely under 25 percent. If the estimates are accurate, Lemieux's stake would be around 20 percent, although only those with inside information can confirm this precise figure.

History of Ownership

In November 1998, the Pittsburgh Penguins declared bankruptcy, leaving the team $90 million in debt. The main contributors to this debt were the previous management group, which was led by Howard Baldwin and Morris Belzberg. A significant portion, about $32.5 million, was owed to Lemieux in the form of deferred salary. The team faced the dual challenges of either moving or ceasing to exist entirely.

Mario Lemieux proposed a solution that involved converting his $20 million in deferred salary into equity and providing an additional $5 million in cash to operational needs. Additionally, he committed to fully retiring the team's debt, which he achieved by August 2005, thanks in part to the return of the team's most accomplished player. This solution was accepted by the bankruptcy court, and Lemieux remained committed to keeping the team in Pittsburgh.

The 2006 Sale Attempt

Shortly after acquiring the team, Lemieux put it up for sale, with the condition that the team remain in Pittsburgh. A potential sale to Jim Balsillie, the CEO of Research in Motion (now BlackBerry), was discussed. However, a dispute between Balsillie and the NHL Board of Governors over ownership conditions led to the deal's collapse. This was the only notable attempt by Lemieux to sell the team after acquiring it.

Mortgage and other creditor claims were handled differently in the bankruptcy proceedings. Creditors received only a fraction of what they were owed, which is a significant impact on the overall financial situation of the team.

Maintaining Control

Even after selling a portion of his ownership stake in 2011, Lemieux retained his position as the principal owner of the Pittsburgh Penguins. He has since relinquished his posts as Team President and CEO but remains the Chairman of the Board. This indicates his continued influence and interest in the team's direction and success.

Conclusion

Mario Lemieux's role in the Pittsburgh Penguins has evolved over the years. While his level of ownership has changed, his influence and commitment to the team have remained constant. Whether he owns 15 percent, 20 percent, or 40 percent, Lemieux's stake represents a significant portion of the team's ownership structure. His involvement continues to shape the Penguins' strategy and direction, making him a crucial figure in the franchise's ongoing success.