After spending the last two decades adding to their immense sports portfolio, Fenway Sports Group, parent company of the Boston Red Sox, is reportedly making a sizable sale.

According to NHL insider Frank Seravalli, FSG is close to an agreement to sell the Pittsburgh Penguins to a Chicago-based investment group led by billionaire David Hoffmann.

The Penguins were founded during the NHL’s 1967 expansion. FSG became the 12th principal ownership in their franchise history in 2021, when they purchased controlling interest from Penguins legend Mario Lemieux, who bought the team out of bankruptcy in 1999, and businessman Ron Burkle for $900 million. The franchise is now valued at an estimated $1.75 billion.

FSG was founded as New England Sports Ventures in 2001 and purchased the Red Sox the following year. The John Henry-led group has since added RFK Racing, Liverpool Football Club (Premier League), Boston Common Golf, the Penguins, and several other businesses to their portfolio. FSG is also the majority owner in New England Sports Network (NESN), which broadcasts Red Sox games, and co-owns SportsNet Pittsburgh with Pirates owner Bob Nutting.

FSG has seen immense success with the Red Sox, who have won the most World Series championships of any MLB club this century, and Liverpool, which has won two Premier League titles since 2020.

The rebuilding Penguins have not fared nearly as well under FSG. After making the Stanley Cup Playoffs every season from 2007-22 and winning three championships, they have missed the postseason three years in a row. Entering Wednesday, they were 14-9-9 on the season and ranked fifth out of eighth in their division.

Hoffmann is the CEO of the Hoffmann Family of Companies, a private equity firm in Naples, Fla. with over 120 companies in its portfolio. Among the firm’s many holdings is the Old Corkscrew Golf Club, which shares Lee County, Fla. with the Red Sox spring training complex. (The Jack Nicklaus-designed golf course has since been renamed the Pandion Club.)

“We’ve been looking to buy a professional sports team for probably three or four years,” Hoffman told the Naples Daily News after purchasing the Florida Everblades, a minor league affiliate of the NHL’s St. Louis Blues, and Hertz Arena in 2019.