NHL approves sale of Pittsburgh Penguins to Hoffmann Family

The Pittsburgh Penguins announced on Tuesday that the NHL has officially approved the sale of the team to Hoffmann Family of Companies, a family-owned firm based in the United States.

The team did not disclose the terms of the sale, but Josh Yohe of The Athletic previously reported that the price was between $1.7 and $1.8 billion.

“This is a defining moment for our family,” incoming Governor of the Penguins Geoff Hoffman said via the team’s press release. “The Penguins represent everything Hoffmann Family of Companies stands for — community, excellence and long-term thinking. We look forward to building on the team’s success by providing support and resources to both Kyle Dubas and the hockey operations team, as well as the established leadership group on the business side. We’re proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community.”

The official approval of the sale came at the league’s Board of Governors meeting, which was held on Tuesday in New York City.

The Hoffmann Family is buying the team from Fenway Sports Group, which also owns MLB’s Boston Red Sox and Liverpool Football Club of the English Premier League, less than five calendar years after FSG purchased the Penguins from Ron Burkle and Mario Lemieux at a $900 million price tag.

The Penguins become the second professional hockey team with five league championships to fall under the Hoffmann family’s umbrella, as their five Stanley Cups match the five Kelly Cup championships that the Florida Everglades have won.

Pittsburgh is coming off a surprising season that saw them make the Stanley Cup Playoffs as the second-place team in the Metropolitan Division.

With icons Sidney Crosby, Evgeni Malkin and Kris Letang still in the fold for next season, the change in ownership comes at an exciting time for a team that is looking to deftly bridge two eras of successful hockey.