The Pittsburgh Penguins may soon have new ownership, as the long-anticipated sale of the franchise appears to be nearing the finish line. Multiple reports indicate that a deal is in place for Fenway Sports Group (FSG) to transfer ownership of the team to the Hoffmann Family of Companies, with the transaction expected to be finalized in the coming days. The sale price is reportedly in the neighborhood of $1.7 to $1.8 billion.
This move would mark a significant shift for the Penguins, who have been under FSG’s umbrella since 2021. The group, which also owns the Boston Red Sox and Liverpool FC, acquired the franchise from a group led by Penguins legend Mario Lemieux and Ron Burkle.
There was some brief buzz about Lemieux and Burkle possibly stepping back in to reacquire the team, but that scenario never gained traction. Since then, the Hoffmann Family of Companies has emerged as the primary - and seemingly only - serious bidder.
The road to this point hasn’t exactly been smooth. While the sale remained active behind the scenes, there were plenty of signs that things had stalled.
Back on December 4, reports suggested that the deal was still alive but had been bogged down by complications. Sources at the time indicated optimism that the sale could be wrapped up early in the new year.
One of the key figures in the process, NHL commissioner Gary Bettman, has kept things close to the vest. When asked about the sale during the league’s Global Series games in Stockholm in mid-November, Bettman declined to comment on specifics but emphasized that if a sale were to happen, the league’s focus would be on ensuring the franchise ends up “in good hands.”
That silence from league officials wasn’t accidental. According to sources, Bettman had instructed all parties involved to maintain radio silence while the remaining hurdles were addressed. Behind the scenes, there were also indications that FSG’s interest in maintaining ownership may have been fading - a sentiment that added urgency to the process.
The Hoffmann Family of Companies, based out of Chicago, has been the consistent presence throughout the negotiations. While the process had its share of twists - including a June memo from FSG to employees reaffirming their commitment to the team and stating they were only seeking a minority investor - that messaging has since gone quiet. FSG has not made any public statements in recent months, and all signs now point toward a full transfer of ownership rather than a minority stake.
If the deal closes as expected, it would usher in a new era for one of the NHL’s most storied franchises. The Penguins have been a marquee team for decades, thanks in large part to the presence of superstars like Mario Lemieux and Sidney Crosby, and the organization has consistently been among the league’s most competitive and commercially successful.
The Hoffmanns, who have a growing footprint in sports and entertainment, would be stepping into a high-profile role in one of the NHL’s most passionate markets. And with the league reportedly satisfied that the franchise will remain in stable hands, the focus can soon shift from the boardroom back to the ice - where the Penguins are still chasing another Stanley Cup to add to their already impressive legacy.