The Fenway Sports Group, which owns the Boston Red Sox and Liverpool FC, will now acquire a controlling interest in the Pittsburgh Penguins.
The NHL Board of Governors unanimously voted to approve the sale of the team on Thursday. Per an NHL statement, the sale "remains subject to negotiation and execution of documentation before the transaction can be closed."
The Penguins announced on Nov. 29 that an agreement was reached for FSG to acquire the controlling interest.
Current owners Mario Lemieux and Ron Burkle, who have overseen the team since 1999, will be "closely aligned with FSG" and remain as part of the ownership group.
The senior management team will remain unchanged as a result of the sale.
Fenway Sports Group is also a part-owner of the Roush Fenway Keselowski Racing NASCAR team.