Fenway Sports Group Sells Penguins to Hoffmann Family for $1.7 Billion

Fenway Sports Group has agreed to sell the Pittsburgh Penguins to the Hoffmann family for $1.7 billion, marking a significant change in ownership for the NHL franchise after five years under FSG. According to CBS Sports, the sale price aligns with the valuation of the Penguins by Sportico, which noted a 16% increase from the previous year.

FSG, led by John Henry, purchased the team in 2021 for $900 million from former owners Mario Lemieux, Ron Burkle, and David Morehouse. Reports indicate that Lemieux had shown interest in regaining control of the team but was ultimately outbid by the Hoffmann family, which has owned the Florida Everblades of the ECHL since 2019.

The deal, which is pending approval by the NHL's Board of Governors, comes at a time when the Penguins are in transition, having missed the playoffs last season after a streak of sixteen consecutive postseason appearances.

The team's core players, including Sidney Crosby and Evgeni Malkin, are nearing the end of their careers, raising questions about the franchise's future direction as it enters a new era under the Hoffmann family's ownership.