PITTSBURGH— For the 13th time in their 58-year history, the Pittsburgh Penguins will have new ownership.
And for the second time in four years, an out-of-town group of billionaires has taken control of one of hockey’s marquee franchises.
Fenway Sports Group, which took control of the Penguins from Mario Lemieux and Ron Burkle in 2021, has an agreement in place to sell the franchise to the Chicago-based Hoffmann family, a league source said.
The sale price is expected to be in the range of $1.7 billion to $1.8 billion, the source said. The deal must be approved by the NHL Board of Governors — the other 31 team owners or their appointed representatives — before it can become official.
Although the Penguins have missed the Stanley Cup playoffs for three consecutive seasons and are in the midst of a rebuild, their brand remains significant and valuable. While they haven’t been a contender for years, they still have one of the greatest box-office draws in the sport’s history in captain Sidney Crosby and a passionate fan base that sold out every game in Pittsburgh between 2007 and 2022.
The Hoffmann family is not a stranger to hockey, as it also owns the Florida Everblades in the ECHL. David Hoffmann, the CEO of the Hoffmann Family of Companies, has long been interested in acquiring an NHL or NBA team. He got his wish.
FSG was never particularly popular among Penguins fans, perhaps because the group had no ties to Pittsburgh, or perhaps because of the team’s recent struggles. Or, perhaps of what has been rumored to be a strained relationship with Lemieux, the franchise icon of all franchise icons.
While FSG spent to the salary cap and invested quite a bit of money into PPG Paints Arena — and into important behind-the-scenes responsibilities for the hockey front office — it became clear that FSG and the Penguins were not a natural fit. There was no Pittsburgh connection, no hockey ties and no real understanding of what makes Pittsburgh tick. Fans largely viewed FSG as a corporate machine that saw the Penguins primarily as an investment. FSG owns the Boston Red Sox and Liverpool FC, and the Penguins were never going to be on that mantle.
Perhaps they will be the crown jewel of their new ownership group.
