Fenway Sports Group selling Pittsburgh Penguins to Chicago-based investment group: Reports
The rumors the Pittsburgh Penguins were for sale turned out to be true.
Fenway Sports Group is set to sell the franchise to the Hoffman Family of Companies, a Chicago-based investment group, according to multiple national reporters Wednesday afternoon.
FSG bought the Pens in 2021 from Ron Burkle and franchise legend Mario Lemieux, who maintained minority shares after that sale.
But Fenway, which also owns the Boston Red Sox and Liverpool FC, has not been a well-received steward of the franchise amid a three-year playoff drought and a declining record as the Sidney Crosby era nears its end
According to The Athletic, the sale will be for between $1.7 and $1.8 billion. The NHL board of directors must approve the sale. Forbes values the franchise at $1.75 billion, 22nd in the league and just ahead of the two-time Stanley Cup champion Florida Panthers.
The Hoffman family owns the ECHL’s Florida Everblades and David Hoffman, the CEO, has long been reportedly interested in purchasing an NHL or NBA team.
If approved, the Hoffman family will be the 13th owner of one of hockey’s most storied franchises.
It ends a year-long saga that saw reports Fenway was trying to sell minority shares of the franchise and Lemieux was rumored to be interested in buying back the team.
