The Pittsburgh Penguins have changed ownership for the second time in five years. Fenway Sports Group (FSG) is set to sell the team to the Hoffman family investment group based in Chicago, according to NHL official Frank Seravari. Sportsnet’s Elliott Friedman reports the sale price at $1.7 billion, aligning with Sportico’s valuation of the Penguins at the start of the season, reflecting a 16% increase from the previous year.
FSG, led by co-founder John Henry, took control of the Penguins in 2021 after reaching an agreement with the previous owners led by franchise icon Mario Lemieux. Earlier this year, The Athletic mentioned Lemieux’s keen interest in reclaiming ownership, but his attempt was unsuccessful as FSG chose the Hoffmans’ offer.
Despite the sale, FSG retains ownership of prominent global sports brands like the Boston Red Sox, Liverpool FC, and Roush Fenway Keselowski Racing. David Hoffman, founder and chairman of the Hoffman Family of Companies, is no stranger to hockey ownership, also controlling the ECHL’s Florida Everblades and Hertz Arena in Estero, Florida.
This ownership change comes during a turbulent period for the Penguins on the ice. Their 16-year streak of playoff appearances ended in 2023, and they have yet to return to postseason play. With legendary players Sidney Crosby, Evgeni Malkin, and Kris Letang nearing the ends of their careers, the franchise faces the challenge of entering a new era after potentially missing the playoffs again this season.
Fan Take: This ownership transition marks a pivotal moment for the Penguins and hockey fans alike, signaling the start of significant changes both on and off the ice. The new leadership could bring fresh strategies and investments that revitalize the team and influence the broader NHL landscape.
