A few days ago, a report from Sportsnet’s Elliotte Friedman suggested that a new prospective owner for the Pittsburgh Penguins had emerged in the Hoffmann Family of Companies. In a subsequent report from Jason Mackey and Matt Vensel of the Pittsburgh Post-Gazette, the two allege that there’s much more smoke than previously believed.
According to the article and the multiple sources listed, the Hoffmann Family has a decisive lead on the other interested group led by Mario Lemieux, and may have already encouraged the Fenway Sports Group (FSG) to sell their entire stake in the Penguins since the Hoffmann Family is willing to pay the $1.75BB, on line with Forbes’ valuation of the franchise. There has been considerable secrecy throughout the sale process. Still, the sources listed by Mackey and Vensel believe that the Hoffmann Family has already signed a letter of intent with FSG.
It’s important to note that a letter of intent doesn’t necessarily confirm a sale. It simply allows the interested party an exclusive negotiating window and allows them a deeper look into the organization’s financials in good faith. Still, if the Hoffmann Family is seriously considering the full $1.75BB price for the Penguins, it’ll be hard for another buyer to come forward with a better offer.