The Pittsburgh Penguins will soon have new ownership after the NHL Board of Governors unanimously approved the sale of the team to the Hoffmann Family of Companies. The deal, which was announced in December, has now cleared its final hurdle, with the transaction expected to close imminently.
The Hoffmann Family of Companies, a diversified private equity firm based in the Chicago area, is acquiring the Penguins from Fenway Sports Group. Geoff Hoffmann, CEO of the firm's private equity arm, will serve as the team's governor. His father, David Hoffmann, founder and chairman of the company, and his brother, Greg Hoffmann, CEO of the firm's real estate arm, will be alternate governors, alongside current Penguins General Manager and President of Hockey Operations Kyle Dubas.
This acquisition represents a major step for the Hoffmann family, who already own the ECHL's Florida Everblades, a team that has achieved considerable success in recent years. The family has expressed a commitment to building upon the Penguins' legacy of excellence and becoming an active part of the Pittsburgh community. Their involvement signifies a new chapter for the franchise, with a focus on community, excellence, and long-term strategic thinking. The sale is valued at approximately $1.75 billion, a substantial increase from the $900 million Fenway Sports Group paid for the team in 2021.
The timing of the approval is significant, allowing the new ownership to be in place ahead of the NHL Draft and the opening of free agency, ensuring a smooth transition as the team prepares for the upcoming season. The Penguins' storied history, marked by championship success, now enters a new phase under the stewardship of the Hoffmann family.
