Report: Hoffmanns to buy Penguins for $1.7B
Fenway Sports Group has agreed in principle to sell the Pittsburgh Penguins to the Chicago-based Hoffmann family for $1.7 billion, pending approval from the NHL's board of governors, reports Sportsnet's Elliotte Friedman.
The Penguins have missed the playoffs in three straight campaigns. Pittsburgh had made the postseason for 16 consecutive years before the current drought. Franchise icons Sidney Crosby, Evgeni Malkin, and Kris Letang remain on the team.
Expected to be among the NHL's worst teams this season, the Penguins have been competitive and currently sit one point out of a playoff spot.
The Hoffmanns also own the ECHL's Florida Everblades. The Everblades, whom the family purchased in 2019, won three straight championships from 2022-24.
Fenway bought the Penguins from Ron Burkle and franchise legend Mario Lemieux in 2021 for approximately $900 million. FSG also owns the Boston Red Sox and Liverpool FC.
The Hoffmann Family of Companies is a multi-generational private equity firm. CEO David Hoffmann has an estimated net worth of $2 billion, according to Forbes.