Liverpool owners Fenway Sports Group are now just waiting for approval from the NHL to complete their acquisition of the Pittsburgh Penguins ice hockey team.

FSG have, according to the Boston Globe, signed the purchase agreement to take control of the Penguins in what is believed to be a deal which values the franchise at $875m (£656m).

The signing of the agreement by both sides essentially completes the sale of the team from Ron Burkle and Mario Lemieux to FSG, with approval from the NHL board of governors expected to be little more than a formality. Burkle and Lemieux, who rescued the Penguins from bankruptcy back in 1999, with Lemieux's stake arriving through more than £30m being owed to him in salary, will remain part of the management team in Pittsburgh, it is understood.

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FSG own two of the world's most valuable sporting enterprises in Liverpool and the Boston Red Sox, the two teams' combined value standing at around £5.4bn.

Add into that the NASCAR team RFK Racing, as it is now known, as well as Fenway Sports Group Real Estate, Fenway Sports Management and the NESN regional TV network and their plate is already pretty full. Acquiring the Penguins will see their portfolio likely reach the $8bn mark for the first time.

FSG landed on the Penguins after a search of the market across sports and leagues, seeking a fit for their business and the way that they operate. It was a move that was, according to those familiar with the matter, initiated by FSG.

The Penguins, twice winners of the biggest prize in ice hockey, the Stanley Cup, in the last five years weren't actively looking for a buyer, it is understood.

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An NBA team remains on the agenda for FSG moving into 2022 as part of their 'FSG 3.0' plan, which was accelerated back in March when the $750m investment from RedBird Capital Partners was concluded to allow for continued investment in infrastructure projects in Liverpool and Boston as well as the acquisition of new teams.

Finding value in a sporting property away from competitive action has also been a key strategy of FSG, as well as seeking to be able to leverage sporting success, with the strength of the model predicated on their teams being successful competitively in order to continue to drive growth.

At Liverpool there has been the redevelopment of the Main Stand and the current work taking place with the Anfield Road End with the end game to drive up revenues and maximise the earning potential of the stadium, while in Boston there has been much work done, and continuing to be done, with the real estate that surrounds the Red Sox's Fenway Park home, including a 5,000-seater indoor music and theatre venue.

Pittsburgh don't own their 20,000-seater PPG Paints Arena home, but across the street, where the team's former home used to reside, there is potential, along with other opportunities in the surrounding area.

Mike DeFabo, Pittsburgh Penguins writer for the Pittsburgh Post-Gazette told the ECHO: "Just across the street from the arena is the site where the old building, The Civic Arena, used to sit.

"For years, there have been talks about redeveloping that area to include bars, restaurants, music venues and housing. Recently, First National Bank broke ground on a massive building that will serve as its headquarters.

"I wonder if FSG could be involved there. I also imagine there could be additional real estate opportunities in Pittsburgh, which has a surprisingly hot real estate market."