The Hoffmann Family of Companies has reached a definitive agreement to acquire a controlling interest in the Pittsburgh Penguins from Fenway Sports Group, marking the Chicago-based family investment firm’s first entry into major professional sports ownership.
The transaction remains subject to approval by the NHL’s Board of Governors, a process that is typically procedural. Financial terms were not disclosed, though Forbes recently valued the Penguins at approximately $1.7 billion.
Hoffmann Family chief executive Geoff Hoffmann said the acquisition reflects a long-standing personal connection to hockey and admiration for the Penguins’ championship history, organizational culture, and deeply loyal fan base. The firm, which operates more than 125 global brands, already has experience in hockey ownership through the ECHL’s Florida Everblades.
If completed, the deal would bring Fenway Sports Group’s relatively short tenure as majority owner to an end. FSG acquired the Penguins in late 2021 from Ron Burkle and Mario Lemieux in a transaction that valued the franchise at roughly $845 million at the time. Under the new agreement, FSG will retain a minority stake for a transitional period and continue to support key business functions, including sponsorship sales and regional sports network operations.
FSG CEO Sam Kennedy said the decision to proceed with the Hoffmann Family was driven by their passion for the sport and their commitment to being responsible stewards of the franchise, adding that the two groups will work closely to ensure continuity and preserve recent business momentum.
The ownership change comes as the Penguins navigate a period of on-ice transition. The franchise has not reached the playoffs since 2022, and the era defined by Sidney Crosby, Evgeni Malkin, and Kris Letang is approaching its later stages. The team is undergoing an overhaul led by general manager Kyle Dubas, following the departure of longtime head coach Mike Sullivan and the appointment of first-year coach Dan Muse.
Off the ice, attendance has softened since the club’s 633-game sellout streak ended in 2021, with the Penguins currently averaging around 88% capacity at PPG Paints Arena, among the lowest rates in the league.
Mario Lemieux’s future role remains uncertain. While his involvement during FSG’s ownership was limited, the franchise icon has been more visible recently as Crosby closes in on Lemieux’s long-standing franchise points record. Lemieux, who also led the Penguins to Stanley Cup victories as a player and owner, remains a central figure in the team’s identity and legacy.
Source: Beaver County Radio
