Fenway Sports Group is looking to sell an undisclosed percentage of the NHL team Pittsburgh Penguins as the Liverpool owners prepare to facilitate their long-term NBA plans.

Less than two years after allowing for further investment into Liverpool FC, selling a minority stake for $100-200 million in September 2023, FSG is now taking the Penguins to market. According to ESPN, FSG will explore a minority sale this week but only entertain offers from those who match its long-term vision for the hockey team.

FSG's portfolio is vast, as the ownership group oversees Liverpool, the Penguins, MLB team Boston Red Sox, NASCAR team RFK Racing of NASCAR and Boston Common Golf of TGL. However, billionaire owner John Henry has always dreamed of owning an NBA franchise, and is working towards a Las Vegas expansion with partner LeBron James expected to play a huge part.

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After acquiring the Penguins for $900 million back in 2021, the NHL franchise now has a valuation of $1.47 billion, according to Sportico. FSG is keen to deal with a new partner, similar to the agreement they had with Dynasty Equity when opening up a minority stake in Liverpool.

Henry has an impressive portfolio, but the one venture that's evaded him this far is the NBA, despite three efforts to become a team owner. Back in 1990, Henry attempted to purchase the Orlando Magic and later entered negotiations with the Miami Heat and the then-New Jersey Nets.

After several failed attempts, Henry partnered with other investors to form New England Sports Ventures (NESV) in 2001, although it was later renamed to FSG in 2011, one year after the group purchased Liverpool. FSG has since looked to acquire a second professional soccer club but with a close eye on developments in the NBA.

FSG announced in 2011 that NBA star LeBron James and his business partner Maverick Carter bought a two percent stake in Liverpool for $6.5 million. A decade later, James became an official partner of FSG, meaning he now co-owns the other sports teams in their portfolio.

The James partnership allowed for great exposure and led to signature Liverpool merchandise featuring the NBA player. In return for James becoming a partner, FSG secured the rights to market and sponsor James in the U.S.

In 2023, FSG executive Sam Kennedy stated that the ownership group was in growth mode: "As long as the growth opportunities fit our overarching criteria... it’s something we’ll look at." While working with James has benefitted Liverpool, it's become clear that there's been a long-term NBA vision in mind.

The NBA is expected to expand from 30 to 32 teams, with commissioner Adam Silver previously stating that it would be looked at once a new TV rights deal had been agreed. In November, the NBA announced it had reached an 11-year, $76 billion TV deal with ESPN/ABC, NBC and Amazon, beginning next season.

Now, discussions are expected to take place surrounding the NBA expansion, with Las Vegas and Seattle the two cities likely to be awarded a spot. According to Sports Business Journal, FSG is looking to acquire the Las Vegas franchise and use James to front their bid.

As the most famous active player and most notable in history alongside Michael Jordan, FSG will look to finalize a proposal and have it completed by the time that James, who is now 40, retires. The Boston Celtics were put up for sale last year, and due to their dominance in the New England region, FSG did monitor the situation.

However, it appears that FSG is all-in on acquiring the Vegas franchise following the success of other sports teams in the region. The infrastructure is also there after the NHL became the first professional sports league to award a franchise to Las Vegas in 2017. Playing at the T-Mobile Arena, it's expected that the NHL and future NBA teams will share the venue.