According to insider Frank Seravalli, the Fenway Sports Group has agreed to sell the NHL’s Pittsburgh Penguins to the Chicago-based Hoffmann Group. The sale is reportedly pending approval from the NHL’s Board of Governors. Multiple other outlets have confirmed the sale.
The Hoffmann Group, led by David Hoffmann, has been interested in purchasing the Penguins for several months. In August, it was reported that Hoffmann had emerged as a contender for a minority stake in the Penguins, competing with franchise legend Mario Lemieux, who had expressed interest in reacquiring the team. Instead of a minority piece, Hoffmann will be acquiring the whole pie.
FSG originally purchased the team in 2021 for a reported value of $900MM, and is selling it only a few years later. According to Forbes, the Penguins are the 22nd most valuable franchise in the league with an estimated value of $1.75BB. TSN’s Pierre LeBrun believes that the final price will land between $1.7BB and $1.8BB.
As for the new owners, there is little known about the Hoffmann Group, primarily David. Forbes projected his net worth to be around $2BB, though there’s no confirmation of that. Additionally, the group’s only other venture into hockey has been their ownership of the ECHL’s Florida Everblades.
Regardless, they’re acquiring the team at an interesting time in their franchise history. Being one of the most successful teams since the turn of the century, the Penguins are nearing the end of the Sidney Crosby and Evgeni Malkin era. Without another player on the roster or in the system even close to that level of superstardom, the Hoffmann Group will be tasked with guiding the franchise through a turbulent time.
The speed of the sale is fairly status quo for FSG. Despite owning the team for only five years, they will have doubled their original investment of $900MM. In 1999, FSG purchased the MLB’s Miami Marlins for $150MM, and sold the team in 2002 for $158.5MM.