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Chicago Investment Firm Reaches Deal to Acquire Pittsburgh Penguins from Fenway Sports Group
A family-owned Chicago investment company has reached a “definitive agreement” to purchase a controlling interest in the Pittsburgh Penguins from Fenway Sports Group, the NHL franchise announced Friday. The acquisition by Hoffmann Family of Companies marks its first venture into major professional sports.
Financial terms were not disclosed, though Forbes recently valued the Penguins franchise at approximately $1.7 billion. The sale requires approval from the NHL’s Board of Governors, typically considered a formality in such transactions.
“Hockey has always been a meaningful part of our family’s story, which makes this an incredibly special opportunity,” said Geoff Hoffmann, CEO of Hoffmann Family of Companies. “We’ve long admired the Pittsburgh Penguins — not just for their championship legacy and history, but for the culture, passion, and loyalty that define the organization.”
The transaction, once completed, will end Fenway Sports Group’s relatively brief tenure as owners of the five-time Stanley Cup champions. FSG, whose portfolio includes Major League Baseball’s Boston Red Sox and Liverpool Football Club of the English Premier League, purchased the Penguins from Ron Burkle and Hall of Fame player Mario Lemieux in late 2021. That earlier deal was reportedly valued at approximately $845 million according to Sportico at the time, meaning the Hoffmann Family will likely pay significantly more for the franchise.
Under the agreement, FSG will maintain a minority stake temporarily to assist with business operations during a transition period. “From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest,” said FSG CEO Sam Kennedy.
The Hoffmann Family of Companies operates more than 125 global brands across various sectors. Among its holdings is the Florida Everblades of the ECHL, a minor league hockey team, demonstrating the family’s existing connection to the sport.
The ownership change comes at a pivotal moment for the Pittsburgh franchise. The team is navigating a transition period as the legendary era defined by stars Sidney Crosby, Evgeni Malkin, and Kris Letang—now in their 20th season as teammates—approaches its final stages. The trio helped deliver three Stanley Cups (2009, 2016, and 2017) to Pittsburgh, but recent years have seen diminishing returns. The Penguins have missed the playoffs since 2022 and haven’t advanced past the first round since 2018.
General Manager Kyle Dubas is orchestrating an organizational overhaul that included parting ways with two-time Stanley Cup-winning coach Mike Sullivan last spring. First-year coach Dan Muse has guided the team to a better-than-expected start this season, though they’re currently mired in a seven-game losing streak.
Fan support has shown signs of erosion in recent years. The team’s remarkable 633-game sellout streak ended in October 2021, and this season the Penguins are playing to approximately 88% capacity at PPG Paints Arena—the third-lowest percentage in the NHL.
The sale raises questions about Mario Lemieux’s future relationship with the franchise. The Penguins icon, who led the team to Stanley Cups as a player in 1991 and 1992, had an undefined role during FSG’s ownership period, though he has been more visible recently as Sidney Crosby approaches Lemieux’s franchise scoring record. Entering Saturday’s game in Montreal, Crosby had 1,722 career points, just one shy of Lemieux’s 1,723.
Lemieux remains a beloved figure in Pittsburgh, where a statue honoring him stands outside PPG Paints Arena—a facility constructed during his tenure as co-owner of the franchise.
The Hoffmann acquisition represents another significant ownership change in the NHL’s landscape, as valuations for professional sports franchises continue to climb despite operational challenges faced by some teams in maintaining consistent attendance and playoff success.
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6 Comments
The Pittsburgh Penguins are a marquee NHL franchise, so this is a significant move by the Hoffmann family. Their experience in investment and business could bring a fresh perspective to the team’s operations. I hope the new ownership is able to build on the Penguins’ winning tradition.
The Penguins’ five Stanley Cup championships demonstrate their ability to compete at the highest level. It will be interesting to see if the new Hoffmann ownership can maintain that level of success on the ice.
The Penguins have been a consistent contender in the NHL for years, so this is an intriguing acquisition by the Hoffmann family. Their investment experience could bring a fresh perspective, but maintaining the team’s winning culture will be key. I hope the new owners are committed to the long-term success of the franchise.
Interesting to see the Hoffmann family expand into major pro sports. The Penguins have a storied history and passionate fanbase, so this could be a good fit. Curious to see if the new ownership brings any changes to the team’s operations.
The Penguins are a valuable franchise, so this acquisition must have been an attractive investment opportunity for the Hoffmann family. I wonder if they have plans to make any significant strategic changes as new owners.
Acquiring a controlling stake in the Penguins is a bold move by the Hoffmann family. The NHL is a competitive landscape, so they’ll need to navigate that skillfully. I’m curious to see if they have any plans to invest in the team’s infrastructure or player development.