Mario Lemieux and Ron Burkle, who are co-owners of the professional ice hockey team, had organized a group of investors that brought the Penguins out of bankruptcy in 1999.
The Wall Street Journal was the first to report on the talks, citing people familiar with the matter, and said a deal could be finalized later this week.
Fenway Sports Group was founded by John Henry, who has been the main owner since its inception in 2001. The group also owns Liverpool Football Club and 50% of Roush Fenway Racing (NASCAR).
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