Pittsburgh Penguins sale officially underway, with Hoffman family set to replace Fenway Sports Group ownership

The future of the Pittsburgh Penguins is shifting once again, and this time the change feels decisive. A franchise long defined by stability on the ice is preparing for another turn at the ownership level, one that reflects how dramatically the NHL business landscape has evolved in just a few years.

What began as quiet speculation earlier this year has now moved into firm territory, setting the stage for one of the league’s most talked about transitions.Behind the scenes, the Penguins’ rising valuation has played a central role. Once viewed as a risky market, Pittsburgh has become a premium NHL asset, fueled by championships, star power, and a loyal fan base. That transformation has made ownership changes less about survival and more about timing, ambition, and long term vision.

Penguins ownership sale signals a new era in Pittsburgh

NHL insider Frank Seravalli has confirmed that Fenway Sports Group has officially reached an agreement to sell the Penguins to the Hoffmann family, a Chicago based investment group led by David Hoffmann. The news follows months of reporting that positioned the family, already owners of the ECHL’s Florida Everblades, as serious buyers. While Sportsnet’s Elliotte Friedman previously noted that their exclusive negotiating window had expired, talks clearly continued behind closed doors.

The financial leap is striking. Fenway Sports Group purchased a controlling stake in the Penguins in November 2021 for roughly $900 million, according to Pierre LeBrun of The Athletic. At the time, it was a bold bet on growth. Less than four years later, Friedman projected the team could fetch close to $1.75 billion, a figure that now appears accurate, with reports placing the final price between $1.7 and $1.8 billion US.Other groups explored a return, including former owners Mario Lemieux and Ron Burkle. However, the franchise’s steep valuation reportedly made a buyback unrealistic. Lemieux, though, is not stepping away entirely. Seravalli noted his continued connection to the club, saying,"Sounds like the Hoffmann family hasn't yet reached out to Mario Lemieux - who will retain his minority share through the transaction - but that Lemieux could be open to a larger presence around the team under new majority ownership."This sale would mark the Penguins’ 13th ownership group in just under 60 years, a surprising statistic for a team synonymous with icons like Sidney Crosby, Evgeni Malkin, and Kris Letang. On the ice, the franchise faces pressure, having missed the playoffs since 2022, the longest drought of those stars’ careers.An official announcement is expected soon. When it arrives, it will not just confirm a sale. It will signal the start of a new chapter, one shaped by modern valuations, fresh leadership, and the challenge of honoring a storied legacy while pushing forward.Also Read: Connor Bedard finally addresses injury, setting expectations for Blackhawks fans and Team Canada selectors