Two interesting developments came out of the Pittsburgh Penguins last week. First, franchise icon turned former owner Mario Lemieux expressed interest in buying back a part of the team. Current owner Fenway Sports Group was reported to want to sell a minority interest in the team earlier this year.
Second, fellow franchise icon Jaromir Jagr made an impromptu trip to Pittsburgh, sparking rumors he could be a part of the potential ownership group.
Lemieux and the Penguins former ownership group sold the franchise to Fenway Sports Group, more widely known as the owner of the Boston Red Sox of MLB, in late 2021. Lemieux was the first and only person to win a Stanley Cup as a player and an owner, doing so with the same franchise.
The organization did explain that Jagr’s impromptu trip was to pick up his Emmy Award he won for a television special on his number retirement ceremony and not related to the ownership news.
But could Jagr hypothetically be a good owner? Jagr has been a hockey team owner since 2011 when he bought most of his former Czech club Kladno Knights before becoming full owner in 2017 by acquiring the last 30% ownership interest in the team. Just like Lemieux, Jagr played for the team he owned after his last exit from the NHL in 2018.
In 2021, the team earned a promotion to the Czech’s highest league, Czech Extraliga, which they previously played for at various times in Jagr’s ownership. This gives Jagr unique experience in actually owning a team, something Lemieux lacked when he rescued the cash needing and close to relocation Penguins back in 1999.
Earlier this year, Jagr sold 80% of the Kladno team, remarking at the time that “something is coming to an end…But a new era, and I hope a more successful one is about to start." With the sale, the timing does seem perfect for Jagr to pursue Penguins ownership. The NHL remains in a "league of its own" financially as compared to the team Jagr knows in Kladno.
Lemieux and company sold the Penguins for $900 million in late 2021. As per the last NHL team evaluations from Forbes the team is now worth $1.75 billion and ranks 17th in the league. With all due respect to Jagr, you have to wonder if he has the financial resources to “play with the big boys” in terms of sports team ownership.
Enter Lemieux and company. Jagr would be an excellent addition to a potential Penguins ownership group. Lemieux would be the big man on campus, or the controlling partner with a majority opinion, while Jagr’s share is much smaller.
Jagr could still add valuable insight as the well-respected voice at the table and buy in with a more affordable price tag. The news of Jagr’s Kladno sale broke roughly at the same time reports of Fenway Sports Groups seeking minority owners for Pittsburgh came out.
What about Jagr’s potential conflicts of interest? Would fellow NHL owners make him relinquish the little bit of his beloved Kladno team he still owns to be able to join their ranks? What if the 53 year old Jagr still wants to keep playing with Kladno as he has since being let go from the Calgary Flames in 2018?
The NHL had a player and owner in Lemieux, but they haven’t had an owner who’s simultaneously a player in a different league. Anyone who knows anything about Jarmoir Jagr knows that his heart belongs to the ice more than the front office.
Maybe this is all just us thinking out loud. Maybe Jagr really just was there to pick up his Emmy. Hopefully he got one of his stolen bobble heads when he was there as well. Jagr previously said this past season would be his last as a player, which matches up pretty well with the timeline which he sold a majority of Kladno, but has since said he’s considering continuing his playing career.
Fenway Sports Group also pushed back on the Lemieux rumors. They said the Penguins are not for sale, but that they are looking for a “small, passive partner”. It's still yet to be seen whether Jagr will become what Fenway is looking for in a new partial owner.