Fenway Sports Group is set to sell the Pittsburgh Penguins to the Hoffmann family from Chicago. This deal is awaiting approval from the NHL’s Board of Governors. Although the exact price isn’t clear, sources suggest it could be between $1.7 and $1.8 billion. FSG had purchased the Penguins for $900 million in 2021.
Hockey journalist Frank Seravalli first reported the news about the sale. The Penguins were once owned by Ron Burkle and hockey legend Mario Lemieux. They rescued the team from bankruptcy in 1999. During their ownership, the Penguins captured three Stanley Cups between 2009 and 2017. Lemieux’s future role remains uncertain after this sale.
Fenway Sports Group oversees several major sports teams, including Liverpool FC and the Boston Red Sox. In January, it was announced that FSG was exploring selling a minority stake in the Penguins, reflecting a growing trend in the NHL as team values rise. The Hoffmann family has shown interest in owning an NHL or NBA team for some time.
David Hoffmann, the CEO of the Hoffmann Family of Companies, leads this multi-generational private equity firm, which has a diverse portfolio including real estate and media. The family also owns the ECHL team, Florida Everblades.
The NHL Board of Governors won’t meet until June, but they could schedule an earlier meeting to address this sale.
The Penguins have struggled recently, missing the playoffs for three consecutive seasons. General Manager Kyle Dubas is focused on rebuilding the team. Star player Sidney Crosby, 37, remains committed to the Penguins, while Evgeni Malkin, 39, is in the last year of his contract.
One of the new owner’s key decisions will be handling the regional sports network that broadcasts Penguins games, which is co-owned by FSG and the Pittsburgh Pirates.
According to a report from Sportico, the average NHL team is now valued at about $2.1 billion, a 17% increase from just a year ago. NHL revenue is projected to be around $6.8 billion this season, highlighting the league’s financial growth. However, the Penguins have faced attendance challenges, with a decline seen since their impressive sellout streak ended in 2021.
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