The Pittsburgh Penguins are getting a new owner. As first reported by Frank Seravalli and confirmed by ESPN's Emily Kaplan on Wednesday, Fenway Sports Group — the franchise's current owner — has agreed in principle to a sale to the Hoffmann family, a Chicago-based investment group.
Sportsnet hockey insider Elliotte Friedman confirmed shortly after that the sale price on the Penguins from Fenway to the Hoffmanns is $1.7 billion. FSG originally bought a controlling interest in the franchise back in 2021 for $900 million.
The sale requires approval by the NHL's Board of Governors; they aren't scheduled to convene again until June after meeting last week in Colorado Springs. Kaplan reports that the NHL could call a BOG meeting early to vote on the sale.
The Penguins' previous owners were Ron Burkle and Mario Lemieux, who saved the team from bankruptcy in 1999. After capturing three Stanley Cups championships in 2009, 2016 and 2017, Lemieux remained involved with the ownership group after it was sold to Fenway. His new role with the ownership group “remains to be seen,” per Kaplan.
“The Hoffmann Family of Companies is a multi-generational family-owned private equity firm, whose CEO is billionaire David Hoffmann,” wrote Kaplan. “Their broad portfolio includes more than 100 brands in real estate, manufacturing, media and agriculture among other sectors.”
The group owns the ECHL's Florida Everblades, and Hoffmann said publicly he hoped to own either an NHL or NBA franchise. The average NHL franchise is now worth an estimated $2.1 billion, per Kaplan; that's a 100 percent increase from 2022. Commissioner Gary Bettman told ESPN last week that the revenue for the 2025-26 season in trending toward $6.8 billion.
It's been tough sledding for the Penguins the last couple of years; Pittsburgh has missed the playoffs in each of the last three seasons, while seeing a decrease in attendance at PPG Paints Arena during that time. The franchise previously owned a 633-game sellout streak that ended in 2021.
