Fenway Sports Group agreed to sell the Pittsburgh Penguins to Chicago's Hoffman family for an estimated $1.7 to $1.8 billion, ending its ten-year hold on a franchise that won three Stanley Cups before FSG arrived and none since. The deal marks the second-largest NHL transaction by dollar figure—behind only the Ottawa Senators' $950 million sale adjusted for league comparables—and gives the Hoffman family, whose wealth stems from logistics software and industrial real estate, its first major-league property. The transaction is expected to close before the 2025-26 season opener, pending league approval.
FSG bought the Penguins in 2021 for roughly $900 million after Mario Lemieux and Ron Burkle decided to sell. The group immediately installed Kevin Acklin, a former city solicitor, as president and began exploring arena district redevelopment that never materialized. Attendance at PPG Paints Arena fell 7% over three seasons, even as the team made the playoffs twice. Sidney Crosby turned 38 in August; Evgeni Malkin is 39. The core that delivered three Cups between 2009 and 2017 is finishing contracts, not starting them. FSG's exit suggests it read the depreciation curve correctly: the Penguins are a legacy asset entering a rebuild, and FSG prefers growth stories.
The Hoffman family's entry changes the math for smaller-market NHL operators. Thomas Hoffman, who will chair the ownership group, built a $2.3 billion fortune through Midwest logistics software and owns industrial parks in six states. His son, Michael, spent two years at the NBA league office before moving to private equity. They are not flippers. The family has held the same commercial real estate assets for an average of 14 years, per Cook County land records. That patience matters in Pittsburgh, where the next three seasons will likely involve salary shedding, draft positioning, and the delicate question of whether to trade Crosby before his no-move clause expires in 2027. The Hoffmans are buying at the trough, betting they can stomach a three-to-five-year rebuild while the league's next national TV deal—up for renewal in 2028—resets franchise valuations upward.
The deal also clarifies FSG's broader portfolio strategy. The group still owns the Boston Red Sox, Liverpool FC, and the Pittsburgh NHL franchise it is now selling. It tried and failed to buy the Washington Commanders last year. FSG wants marquee brands in large markets or global leagues, not mid-tier NHL teams in legacy steel towns. The Penguins sale will likely fund a run at MLS expansion or another English Premier League club, where media rights growth remains double-digit. Lemieux, who retained a small stake after the 2021 sale, is expected to roll his equity into the Hoffman deal and remain a ceremonial advisor.
Watch for the NHL Board of Governors vote, likely scheduled for June, and whether the Hoffmans bring in a name-brand president or promote from within. Michael Hoffman has quietly attended two Penguins games this season, sitting in the Acklin family suite both times. The head coaching announcement, expected before the draft, will signal whether this ownership wants to compete around Crosby's final years or begin the tear-down immediately. Coordinator hires typically follow within 72 hours of a head coach's first press conference.
The Penguins are the fifth NHL franchise to change hands since 2022. The average sale price has climbed 41% in that span, even as team performance has declined across the cohort. The Hoffmans are paying for the logo, the building lease, and the option value of a TV deal that doesn't exist yet.
The takeaway
FSG exits Pittsburgh at **$1.7B**, double its 2021 entry, as Hoffman family bets on rebuild ahead of 2028 TV deal reset.
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