(Photo credit: David Kirouac-Imagn Images)

The Chicago-based Hoffmann family has officially agreed to acquire a controlling stake in the Pittsburgh Penguins from Fenway Sports Group, the two companies announced Friday.

It was reported by multiple outlets Wednesday that a sale was agreed to in principle, valuing the club between $1.7 and $1.8 billion.

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

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.

'Hockey has always been a meaningful part of our family's story, which makes this an incredibly special opportunity,' Hoffmann Family of Companies CEO Geoff Hoffmann said in a news release. 'We've long admired the Pittsburgh Penguins -- not just for their championship legacy and history, but for the culture, passion, and loyalty that define the organization. From our earliest conversations, we saw how deeply the Penguins are woven into the fabric of Pittsburgh. We are honored to join that tradition and excited to become an active part of the community.

Fenway Sports Group will continue to hold a minority stake in the Penguins for 'a period of time,' per the release, and promised the team's leadership structure will not change.

Geoff Hoffman will become team governor when the sale is final.

'During a formal process to explore investor interest in the Pittsburgh Penguins, we were approached by the Hoffmann family with an offer that warranted serious consideration,' said Fenway CEO Sam Kennedy said in a statement. 'From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest. We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that's been built. It has been an honor to be part of the Penguins' story, working alongside a world-class leadership team, passionate fans, and a dedicated community. We are proud of the strong foundation we've built, and with Kyle Dubas continuing to lead hockey operations, the Penguins are well positioned to carry out the plan in place to reclaim their place as perennial Stanley Cup contenders.'

Fenway purchased a controlling interest in the Penguins and took over as majority owners less than four years ago, on Dec. 31, 2021. Fenway also owns the Boston Red Sox, the English Premier League's Liverpool Football Club, 50% of NASCAR team RFK Racing and other sports holdings.

Forbes valued the Penguins at $1.75 billion in its 2025 NHL team valuation update earlier this month.

--Field Level Media