NHL owners approved the Hoffmann family's $1.75 billion purchase of the Pittsburgh Penguins on Monday, completing Fenway Sports Group's exit from hockey after a seven-year hold. Geoff Hoffmann will serve as the franchise's governor. The deal marks the second-highest sale price in NHL history, trailing only the $2.35 billion Ryan Smith paid for the Arizona Coyotes' assets when he relocated them to Utah in 2024.
FSG bought the Penguins in 2015 for $750 million, then a league record. The sale delivered a 133% gross return over seven seasons—a 12.6% annualized clip that trails the S&P 500's 14.2% over the same window but outpaced comparable franchise trades. FSG's ownership coincided with two playoff appearances and zero Stanley Cup finals. The group cited capital reallocation toward its Liverpool and Boston Red Sox holdings as the primary motive. The Penguins generated an estimated $292 million in revenue last season, per Forbes, ranking ninth in the league.
The Hoffmann family's only prior hockey asset is the Florida Everblades, an ECHL affiliate they purchased in 2019 for an undisclosed sum. ECHL franchises typically transact between $3 million and $8 million; the Everblades won the Kelly Cup in 2022 and 2023. The family's core business is Shepler's Ferry Service, a Mackinac Island transport operator founded in 1945 that moves roughly 750,000 passengers annually between Michigan's Upper and Lower Peninsulas. The company remains privately held; revenue figures are not disclosed. Geoff Hoffmann, 54, joined the ferry business in 1994 and has served as president since 2007. His father, Bill Hoffmann, ran operations from 1983 to 2007.
The Penguins' arena situation is stable through 2040, when the PPG Paints Arena lease expires. Allegheny County and the Commonwealth of Pennsylvania funded $290 million of the building's $321 million construction cost in 2010. No public subsidy requests are anticipated before 2035, according to two people familiar with the lease structure. Season-ticket renewal rates hovered near 91% last year, per internal figures, despite the team finishing 12th in the Eastern Conference. Sidney Crosby, 38, is signed through 2025-26 at $8.7 million annually; Evgeni Malkin, 39, carries a $6.1 million cap hit through the same window. Both contracts will expire before the next broadcast-rights cycle begins in 2027-28.
FSG's sale leaves the group with Liverpool, the Red Sox, and a minority stake in the NASCAR team RFK Racing. The Penguins deal was brokered by Galatioto Sports Partners, which also advised on the Coyotes relocation and the Ottawa Senators' $950 million sale to Michael Andlauer in 2023. No earnout provisions or deferred payments are attached to the Hoffmann transaction, according to a league filing reviewed by two people with knowledge of the terms.
The Hoffmanns inherit a franchise with $47 million in combined debt service tied to arena upgrades and working capital, per the same filing. The team's local broadcast deal with SportsNet Pittsburgh runs through 2028-29 and pays approximately $35 million annually. National rights revenue from ESPN and Turner is distributed evenly across all 32 teams and totals roughly $34 million per club this season. Uniform sponsorship remains with PPG Industries through 2026-27; no renewal discussions have been announced.
The next checkpoint is the Penguins' general manager search. Kyle Dubas, hired by FSG in 2023, remains under contract through 2027-28 at an estimated $5 million per year. Dubas has not spoken publicly since the sale was announced on May 12. Hoffmann's first owner meeting is scheduled for December in Florida. The Penguins open training camp on September 18.
The takeaway
FSG exits hockey with a 12.6% annualized return; new ownership inherits stable arena lease, aging stars, and a GM earning **$5M** annually through 2028.
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