The NHL Board of Governors voted unanimously Tuesday to approve Fenway Sports Group's sale of the Pittsburgh Penguins to the Hoffmann family for $1.7 billion, ending FSG's nine-year run with the franchise and marking the league's second-largest transaction behind only the $2.2 billion Seattle Kraken expansion fee in 2021.
FSG, which bought the Penguins for $900 million in 2021 from Mario Lemieux and Ron Burkle, will realize an 89% gross return in five years. The Hoffmann family made its money in Great Lakes transportation—Mackinac Island ferry routes, specifically—and has owned the Florida Everblades, an ECHL club, since 2019. The Everblades are a Tampa Bay Lightning affiliate and have won three Kelly Cups in the past four seasons, including the 2025 title. The team draws 6,200 per game in a market of 380,000 people, roughly triple the ECHL average. The Hoffmanns know how to fill seats in secondary markets.
The valuation matters for five reasons. First, it resets the floor for NHL franchise pricing at the high end. The $1.7 billion figure exceeds the $1.2 billion Alex Meruelo paid for the Arizona Coyotes in 2019 and the $1.5 billion Ryan Smith paid for the Utah Jazz before relocating the Coyotes to Salt Lake City in 2024. The Penguins carry three Stanley Cup banners since 2009, a 17,200-seat arena with naming rights locked through 2030, and a regional sports network deal worth $45 million annually through 2028. Second, FSG's exit comes as regional sports network economics deteriorate. The Pittsburgh RSN lost 22% of its cable subscribers in the past 18 months, according to Kagan data. FSG owns Liverpool, the Boston Red Sox, and a stake in NASCAR's RFK Racing; it no longer needs the Penguins' cash flow exposure to a collapsing broadcast model. Third, the Hoffmann family brings no debt to the transaction. The Everblades generate $18 million in annual revenue on a $6 million payroll, leaving margin the family has rolled into facility upgrades and youth hockey programs in Southwest Florida. The ferry business—four vessels, 11 routes—produces roughly $90 million in annual revenue, per Michigan maritime filings. Fourth, the Penguins need a succession plan. Sidney Crosby turns 39 in August 2026 and is unsigned beyond this season. Evgeni Malkin is 40 and has one year left. Kris Letang is 39 and similarly situated. The team has $73 million in cap commitments for 2026-27 but no first-round pick until 2027. The rebuild clock starts now. Fifth, Pittsburgh is a test case for small-market NHL viability. The metro area has 2.4 million people, down 5% since 2010. The Penguins drew 17,000 per game last season, but that figure includes 2,300 corporate seats, and local sponsors are cutting hospitality budgets as U.S. Steel relocates functions to Birmingham and PNC consolidates branches. The Hoffmanns will need to replace $12 million in luxury suite revenue if corporate tenants don't renew.
The transaction closed 48 hours after the NHL's Board of Governors meeting in New York, faster than the typical four-week approval cycle. That speed suggests the Hoffmanns had already passed background checks and secured league financing waivers. The family will take over a front office led by president of hockey operations Kyle Dubas, who has two years left on his contract and has already begun trade conversations around forward Rickard Rakell and defenseman Marcus Pettersson, both pending unrestricted free agents. The Penguins have $11 million in cap space before those moves. Dubas is expected to stay through the transition, but the Hoffmanns will hire their own CEO by September, according to two people briefed on the timeline. The Everblades' general manager, Craig Brush, is not expected to move to Pittsburgh; his daughter plays youth hockey in Naples and the family has said publicly they will not relocate.
FSG's sale completes a broader reallocation. The group sold 10% of Liverpool to RedBird Capital in 2023 for $750 million, valuing the club at $7.5 billion, and has discussed selling its 50% stake in the New England Sports Network to Warner Bros. Discovery for $1.1 billion. The Penguins were the smallest asset and the only one losing cable subscribers faster than league average. The family now owns a franchise in a league that signed a seven-year, $2.2 billion U.S. media deal with ESPN and Turner in 2021 and will renegotiate Canadian rights in 2025, with early projections suggesting a 40% increase from the current $433 million annually. The Hoffmanns also inherit a $300 million arena renovation plan that FSG shelved in 2023. The Penguins' lease at PPG Paints Arena runs through 2040, but the building needs new scoreboard infrastructure and locker room expansion to meet NHL standards set after Seattle's Climate Pledge Arena opened in 2021.
The Hoffmanns will officially take control on July 1, the start of the NHL's fiscal year. The family has scheduled a press conference for July 8 in Pittsburgh. Crosby's agent, Pat Brisson, has already requested a meeting with the new ownership group before July 15, according to a person familiar with the request. The Penguins have $22 million in cap space if they trade Rakell and Pettersson, enough to extend Crosby at $10 million annually for three years. The question is whether a ferry family wants to pay a 39-year-old center $30 million guaranteed while the roster ages out. The answer will clarify the Hoffmanns' intentions: compete now or rebuild cleanly. The league will watch closely. The precedent matters for the next small-market sale.
The takeaway
Ferry fortune pays $1.7 billion for Penguins, NHL's second-largest sale ever, as FSG exits collapsing RSN economics and aging roster.
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