Looking to sell a minority ownership stake… this is a little confusing since FSG is already a collection of multiple stakeholders, so you would think this wouldn’t be necessary. Thoughts as to what this means?
FSG already putting Pens back on the market
- Thread starter HailToPitt725
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Looking for a sucker who cannot get memories of 2016 out of their head and will assume a disproportionate share of the salaries of Crosby, Malkin, and Letang.
FSG is a single entity. There are multiple people involved, but it operates as a single business and ownership group. It is no different than the Rooney family or the Lemieux Group, which consisted of Mario Lemieux and Ron Burkle, among others.
Many sports franchises have a primary ownership group and then minority partner groups who also buy in. The Rooneys have that arrangement with Thomas Tull, who has a separate stake than what the Rooney family owns. The Pens had multiple minority owners along with the Lemieux Group.
This means nothing. It's FSG leveraging an opportunity for an organization or individual with money to get a piece of a major sports franchise, while FSG makes some cash. They'll retain full control. They'll get some extra money to either pay down debt or construction costs or use towards their rumored goal of adding an NBA franchise to their portfolio.
They did the same thing with one of their other teams, Liverpool, a year or two ago. They sold a minority stake, made a couple hundred million dollars, and used it to pay off a bunch of debt and construction costs from renovations they put into the club.
I don't think the Nuttings have minority owners do they? They were minority partners when McClatchy first put together the purchase of the Pirates and eventually bought them all out.
Good question
Seems because it’s a private ownership- they don’t disclose the minority owners
He’s just called the principle owner and CEO
Seems because it’s a private ownership- they don’t disclose the minority owners
He’s just called the principle owner and CEO
There used to be multiple minority owners. I don't know if that is still the case or not.
And the Nuttings were never really minority partners. They always owned more of the team than McClatchy did. McClatchy ceased being the principle owner the day that the Nuttings decided that he was no longer useful to them as the face of the franchise. And not one day longer.
I liked it better when Bing Crosby owned the Pirates.
what a time to be a sports fan in pittsburgh.
what's even worse is, thinking about the steelers/pens and pirates, we arent even at rock bottom. all those franchises need to actually get worse if they have any plans on rebuilding. in short, we are a year or two away from even starting a rebuild, if and when they decide that's what they want to do..
well with the steelers and pens at least, pirates are there and will be there and just dont have any formulated plan to get out of it.
Pittsburgh is a strong market, they aren’t moving the pens to phoenix or Atlanta.
Off the top of your heads, can anyone name a city with multiple teams that has a longer playoff win drought than Pittsburgh? Pirates won the Wild Card in 2013, Steelers have won a playoff game since 2016, and the Pens last won a series in 2018. How pathetic.
They arent stupid enough to move the pens to either of those places. They’ll rig another lottery before that happens. Pittsburgh is one of the only markets that actually cares about the sport.
That said, we will see some poor attendance and some lean years…but the league knows this market supports a winner like no other American city.
All 4 of their sports teams are contending. So they have hope whereas Pittsburgh has none.
Here the Pens haven’t even begun their rebuild, the pirates keep resetting their 5 year plans and are never any closer to contending, and the Steelers are on the verge of embarking on a 3rd straight 5 year period without contending, and there’s no hope in sight as they’re aging and are still without a QB.
But hey, there’s belief that Art Rooney could pass the reigns over to his son Danny sometime over the next few years. Maybe Art will go when Tomlin’s contract is up in 3 years and then we can be hopeful that both move on and the son understands football and business better than his old man, hires a good coach and builds the franchise back up again.
In other words though, as we sit here today, Minneapolis sounds nice…for the sports at least. The other stuff not so much.
Twins won a playoff series a few years back. Chicago might be the correct answer; I don’t think they’ve won a playoff series or game since the Cubs won the World Series in 2016.
