- The NHL Board of Governors unanimously approved the Penguins’ sale to the Hoffmann Family of Companies
- The $1.7 billion deal ends Fenway Sports Group’s run and ranks as the second-richest in NHL history
- Read below for what it means for Kyle Dubas and when the sale officially closes
The Pittsburgh Penguins have new owners.
The NHL Board of Governors unanimously approved the sale of the Penguins from Fenway Sports Group to the Hoffmann Family of Companies on Tuesday, ending the Chicago group’s predecessor in Pittsburgh that started back in 2021. The enterprise value landed at $1.7 billion, the second-richest price ever paid for an NHL franchise.
Geoff Hoffmann, who runs the private equity arm of the family-owned firm, will serve as the team’s governor. Greg Hoffmann, family patriarch David Hoffmann, and Kyle Dubas were each named alternate governors.
Geoff Hoffmann called the purchase a milestone for his family.
“This is a defining moment for our family,” Hoffmann said. “We’re proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community.”
Only one sale tops this one. The Penguins’ price sits just behind the $1.8 billion Tampa Bay Lightning deal from 2024. Fenway bought the team for $900 million in 2021, so the group nearly doubled its money in four years.
Dubas isn’t going anywhere. He keeps his job as president of hockey operations and general manager, and the new owners made it clear he’ll still set the direction on the ice. He has already been busy reshaping the front office, bringing Ron Francis back as a special adviser.
Fenway isn’t fully out the door either. The group stays on as a minority shareholder and will keep helping with sponsorship sales and the regional sports network during a phased handoff.
The Hoffmanns aren’t new to hockey. The family owns the Florida Everblades, a five-time Kelly Cup champion in the ECHL. Their company started in 1989 and now spans more than 200 brands across 30 countries.
Gary Bettman said the sale should officially close before Friday’s draft.
