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Hoffmann family pays **$900M+** for control, Fenway exits at modest return after missing sponsorship upside and facing compressed competitive window.
$900 million
according to three people familiar with the terms
$850 million
in 2021
90 days
pending NHL Board of Governors approval
$2.1 billion
in regional property holdings and existing naming-rights exposure through…
The Hoffmann family has agreed to acquire a controlling stake in the Pittsburgh Penguins from Fenway Sports Group in a transaction that values the franchise north of $900 million, according to three people familiar with the terms. Fenway, which bought the team for $850 million in 2021, retains a minority position. The deal closes within 90 days pending NHL Board of Governors approval.
Philip Hoffmann, whose family built a commercial real-estate portfolio across western Pennsylvania, will serve as controlling owner and governor. The Hoffmanns bring $2.1 billion in regional property holdings and existing naming-rights exposure through Hoffmann Development's signage at PNC Park. Fenway Sports Group—owner of the Red Sox, Liverpool FC, and a NASCAR team—acquired the Penguins from Mario Lemieux and Ron Burkle's ownership group three years ago but never fully integrated the franchise into its portfolio the way it did the Red Sox or Liverpool. FSG president Sam Kennedy will step off the Penguins board. Two Hoffmann family executives take seats immediately.
The timing reflects two realities. First, the Penguins are 28th in the NHL in average age this season at 29.1 years, with Sidney Crosby turning 38 in August and Evgeni Malkin 39 in July. The competitive window that made the franchise attractive in 2021 has compressed. Second, Fenway never captured the sponsorship upside it projected. The team's local revenue grew 4% annually under FSG stewardship, well below the 11% FSG achieved with Liverpool during the same period. Regional brands wanted a regional owner. The Hoffmanns already hold relationships with PNC, Highmark, and Giant Eagle—three of the club's top-five sponsors by annual contract value.
The deal structure matters for the rest of the NHL's ownership class. Fenway is exiting at a 6% annualized return in a three-year hold, modest for a private-equity-style play but clean in a market where the Ottawa Senators took 16 months to sell and the Arizona Coyotes were effectively repossessed. The Hoffmanns are paying a premium for control and local strategic alignment, not for a turnaround. That pricing discipline—buying a legacy asset in managed decline at a single-digit multiple of revenue—will shape how other family offices and regional operators approach the next wave of NHL succession events.
Watch for three follow-ons. The Penguins' practice facility lease in Cranberry Township expires in June 2026, and the Hoffmanns own adjacent land parcels. Expect a renegotiation or outright relocation announcement by fall. Second, the club's local television deal with SportsNet Pittsburgh runs through 2028-29 at $40 million annually, below market for a three-Cup franchise. The Hoffmanns will push for an early re-opener or explore a direct-to-consumer streaming product using Lemieux's residual brand equity. Third, Crosby's contract expires after next season. The Hoffmanns did not buy this team to trade him, but they also did not buy it to extend a 39-year-old center at $10 million per year. That decision arrives in 11 months.
Fenway keeps its NESN regional sports network, its Liverpool expansion into the U.S. market, and its NASCAR charter. The Penguins were never going to be Liverpool. The Hoffmanns were never going to be Fenway. The deal is what happens when both sides admit it.
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