Penguins Sold to Hoffmann Family for $1.75 Billion

The Pittsburgh Penguins, one of the National Hockey League's most storied franchises, are set to change hands for the 13th time in their 58-year history, with Fenway Sports Group agreeing to sell the team to the Chicago-based Hoffmann Family of Companies for an estimated $1.75 billion.

The deal, reached after months of negotiations, marks a significant return on investment for Fenway Sports Group, which acquired controlling interest in the Penguins from former owners Mario Lemieux and Ron Burkle for $900 million in late 2021. The transaction is expected to receive formal approval from the NHL's Board of Governors at its next meeting, scheduled for June, though an earlier session could be convened. League sources indicate the agreement includes provisions for the Penguins' regional sports network, SportsNet Pittsburgh, which Fenway Sports Group co-owns with the Pittsburgh Pirates' ownership.

David Hoffmann, CEO of the Hoffmann Family of Companies, a private equity firm with more than 120 holdings across various industries, will lead the new ownership group. The family already has ties to professional hockey through its ownership of the Florida Everblades, a team in the East Coast...