Fenway Sports Group sell Pittsburgh Penguins to Hoffmann family

The Pittsburgh Penguins have changed ownership again, with the Fenway Sports Group agreeing to sell its controlling interest in the Penguins to the Hoffmann family, an investment group based out of Chicago and headed by David Hoffmann.

“The franchise has thrived under the world-class leadership of Fenway Sports Group, and we are excited to build on that momentum,” said Geoff Hoffman, CEO of Hoffmann Family of Companies. “Our goal is to support Kyle Dubas with everything he needs to bring the Penguins back to the pinnacle of the NHL. We look forward to working alongside the exceptional leadership team already in place, strengthening our connection with Penguins fans, and ensuring the franchise remains a source of pride for the city for generations to come.”

This won’t be the Hoffmann family’s first foray into professional hockey, as they currently own the ECHL’s Florida Everblades. Hoffmann purchased the Everblades in 2019 and has overseen the team’s glory years, as they won three consecutive Kelly Cups (awarded annually to the ECHL champion) from 2022 through 2024.

Fenway Sports Group, a conglomerate that also owns the MLB’s Boston Red Sox and the English Premier League’s Liverpool Football Club, among other holdings, initially purchased the Penguins from franchise legend Mario Lemieux and investor Ron Burkle in December of 2021, with Lemieux and Burkle staying on as minority owners.

Lemieux and Burkle had acquired the Penguins in September of 1999 from previous owners Howard Baldwin and Morris Belzberg, roughly a year after the franchise had filed for bankruptcy and with rumors of the team moving out of Pittsburgh intensifying.

The Penguins, founded in 1967 by an original ownership group led by Pennsylvania state senator Jack McGregor and attorney Peter Block, have had 11 ownership groups over their history.

Despite inconsistent ownership, the Penguins have been among the NHL’s most successful teams since their inception. They have won five Stanley Cups, which is tied with the Edmonton Oilers for the second most in the NHL’s expansion era.

Pittsburgh can also boast more all-time great players than almost any other team. Lemieux, Sidney Crosby, and Evgeni Malkin are all career Penguins that rank among the very best players the NHL has ever seen. Jaromir Jagr, who spent the majority of his career in Pittsburgh, ranks second all-time in NHL scoring.