The Chicago-based Hoffmann family has emerged as a serious contender to buy the Pittsburgh Penguins from Fenway Sports Group, reports Sportsnet’s Elliotte Friedman.
David Hoffmann, founder and chairman of the Hoffmann Family of Companies, has an estimated net worth of $2 billion, according to Forbes. He’s owned the ECHL’s Florida Everblades since 2019.
The Everblades have won three Kelly Cups under Hoffmann’s ownership from 2022-24.
The sale price is expected to land in the $1.75 billion range if the two sides can work out a deal, according to Friedman. That would represent nearly double what Fenway Sports Group paid for the franchise just three years ago.
FSG initially looked to sell only a minority stake in the Penguins when reports first surfaced in January. The company also owns the Boston Red Sox and Liverpool FC.
It now appears FSG is open to giving up majority ownership of the franchise entirely.
A group led by Mario Lemieux reportedly expressed interest in buying back the Penguins in June. FSG bought the team from Lemieux’s ownership group for $900 million in 2021.
The Penguins have struggled on the ice recently, missing the playoffs in back-to-back seasons for the first time since the early 2000s. The team’s aging core, anchored by Sidney Crosby and Evgeni Malkin, has raised questions about the franchise’s immediate competitive window.
Any potential sale would need approval from the NHL’s Board of Governors.
