Reports: Fenway Sports Group to sell Penguins to Hoffmann family

Field Level Media
18 Dec 2025, 02:35 GMT+10

(Photo credit: David Kirouac-Imagn Images)

Fenway Sports Group has agreed in principle to sell the Pittsburgh Penguins to the Chicago-based Hoffmann family, multiple media outlets reported on Wednesday.

The price for the club is expected to be between $1.7 and $1.8 billion, per reports.

The final sale of the club requires approval by the NHL's Board of Governors.

Fenway Sports Group, which owns the Boston Red Sox, Liverpool of the English Premier League and RFK Racing in NASCAR, purchased controlling interest of the Penguins from franchise icon Mario Lemieux, Ron Burkle and David Morehouse in 2021 for $900 million. Lemieux and Burkle initially bought the team out of bankruptcy in 1999.

The Hoffmann Family of Companies -- which is a multi-generational family-owned private equity firm -- has owned the Florida Everblades of the ECHL since 2019.

Per ESPN, the group has been in discussions with the Penguins since at least the summer.

David Hoffmann has previously expressed interest in purchasing an NHL or NBA team in an interview with the Naples Daily News.

The Penguins have won five Stanley Cups, including three in the Sidney Crosby era (2009, 2016, 2017), and are valued by Forbes at $1.75 billion.

Per Sportico in October, the average NHL franchise is worth an estimated $2.1 billion.

--Field Level Media

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.

More Information

Business

Section

VW’s China reset tests $3.5 billion R&D gamble in EV price war

HEFEI, China: Volkswagen is trying to reinvent itself in the country that once powered its global success and where it is now fighting...

Spain’s Ferrovial to enter Nasdaq-100 in milestone US move

NEW YORK CITY, New York: Spanish infrastructure group Ferrovial is set to deepen its footprint in U.S. capital markets, becoming the...

Huawei flagship uses improved SMIC-made Kirin chip, TechInsights finds

SHENZHEN, China: Huawei's latest flagship smartphone showcases incremental progress in China's domestic chipmaking push, with its processor...

SpaceX opens share sale as IPO plans push valuation to $800B

STARBASE, Texas: SpaceX has taken a significant step toward the public markets, launching a secondary share sale that values the rocket...

Dow Jones sheds 302 points as U.S. markets close mixed

NEW YORK, New York - A disappointing jobs report hit U.S. industrial stocks Tuesday, whiles tech regained momentum after Tesla hit...

From Manhattan to Montana, European tourists rethink US trips

NEW YORK/LONDON: European tourists are reworking their American travel itineraries, increasingly opting for smaller U.S. cities and...

Massachusetts

Section