The NHL's Board of Governors approved Fenway Sports Group's sale of the Pittsburgh Penguins to the Hoffmann Family of Companies for $1.7 billion on Monday. The deal is the league's second-largest franchise transaction to date and marks FSG's exit after three years. The Hoffmanns, who operate Mackinac Island ferry services and Great Lakes shipping lines, already own the Florida Everblades, an ECHL affiliate club acquired in 2019. The family will install its operating executives in Pittsburgh's front office by September.
FSG bought the Penguins in November 2021 for $900 million, a 47% annualized return over thirty-three months. The firm simultaneously explored sales of Liverpool FC's minority stakes and restructured its Boston Red Sox debt stack. FSG now holds majority positions in Liverpool, the Red Sox, and a 15% stake in the PGA Tour's commercial entity. The Penguins sale follows the firm's 2023 disposal of its Pittsburgh-area real estate holdings, including the team's former practice facility, to a Pennsylvania REIT. Proceeds from the Penguins transaction will fund FSG's pursuit of a majority stake in Paris Saint-Germain, according to two people with knowledge of the discussions.
The Hoffmann transaction sits inside a $1.7B–$2.5B band where institutional sports owners harvest and family offices with industrial balance sheets reload. Harris Blitzer Sports & Entertainment has quietly retained advisors to explore a minority sale of the Seattle Seahawks, valuing the franchise near $7 billion but seeking partial liquidity at a $2.1 billion tranche. Josh Harris simultaneously faces pressure to sell his 18% stake in Crystal Palace, a Premier League club valued at $650 million, to satisfy NFL cross-ownership restrictions before the league's December 2026 deadline. The Penguins deal suggests family offices will pay full-cycle premiums for franchises in second-tier North American markets if the underlying business generates predictable local broadcast revenue and the family already operates adjacent infrastructure.
The Hoffmanns bring $3.2 billion in annual ferry and shipping revenue, per 2025 filings, and plan to integrate Penguins sponsorship inventory with their Great Lakes industrial client base. The family explored minority stakes in the Detroit Red Wings and Columbus Blue Jackets before pivoting to a full acquisition. Mackinac Island ferries carry 1.1 million passengers annually; the Penguins drew 17,343 fans per game last season, fourth in the NHL. The Hoffmanns declined to comment on whether they will self-finance arena naming rights, currently held by PPG Industries through 2028, or pursue a new regional sports network partnership after the Penguins' AT&T SportsNet deal expires in 2027.
Watch for the Hoffmanns to install a president of hockey operations by October, likely from Detroit's front office. The NHL will vote on Texas expansion applications in December, setting a $1.2 billion entry fee that benchmarks the Penguins sale. FSG's Paris Saint-Germain bid faces a March deadline tied to UEFA's financial fair play review. Two other NHL franchises—Arizona's relocated club and a Canadian market team—have retained M&A advisors in the past six weeks.
The Penguins now play in a city where the new owner's ships already dock.