The Pittsburgh Penguins are set to begin a new ownership chapter after the NHL Board of Governors unanimously approved the franchise’s sale to the Hoffmann Family of Companies on Tuesday.
The transaction is expected to close imminently, ending Fenway Sports Group’s run as controlling owner and giving the Hoffmann family one of the NHL’s most recognizable franchises. Financial terms were not disclosed, though previous reports placed the deal in the $1.7 billion range.
Geoff Hoffmann, CEO of the company’s private equity arm, will serve as the Penguins’ governor. Greg Hoffmann, David Hoffmann and Penguins president of hockey operations and general manager Kyle Dubas will serve as alternate governors.
“This is a defining moment for our family,” Geoff Hoffmann said in a statement. “The Penguins represent everything Hoffmann Family of Companies stands for — community, excellence and long-term thinking. We look forward to building on the team’s success by providing support and resources to both Kyle Dubas and the hockey operations team, as well as the established leadership group on the business side. We’re proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community.”
Fenway Sports Group purchased the Penguins in 2021 for a reported $900 million from the ownership group led by Mario Lemieux and Ron Burkle. The franchise has won five Stanley Cups, including three during that previous ownership era, with Sidney Crosby, Evgeni Malkin, and Kris Letang as the core.
The results under Fenway Sports Group’s ownership weren’t as stellar, with a pair of first-round playoff exits sandwiched around three years of missing the postseason altogether. The Penguins went 41-25-16 this past season before falling to the Philadelphia Flyers in the first round in six games.
The Hoffmann family already has experience in hockey ownership through the Florida Everblades, the ECHL club it has owned since 2019. The Everblades have won multiple Kelly Cups under the group’s ownership, including another championship this season.
