A major change is coming to the Pittsburgh Penguins organization. The NHL franchise is being sold from the Fenway Sports Group to the Hoffmann Family of Companies, according to multiple reports, including one from ESPN.
The Hoffmann family, which is based out of Illinois, is purchasing the Penguins for between $1.7 billion and $1.8 billion, ESPN reports.
Fenway Sports Group purchased the Penguins for $900 million back in 2021.
The sale is expected to be made official when the NHL’s Board of Governors next meets. The next meeting is scheduled for June, ESPN reports, but one could be called sooner.
Fenway Sports Group is very involved in the sports world and owns Liverpool of the English Premier League, the Boston Red Sox, Fenway Park, NESN, RFK Racing of NASCAR and Boston Common Golf of TGL, per ESPN.
As for the Hoffmann family, the private equity firm is run by CEO David Hoffmann. The Hoffmann family currently owns the Florida Everblades of the ECHL.
Fans of the Penguins seem to be happy with the sell of the franchise.
“Thank god. FSG is a joke and the team should have never been sold to them in the first place,” one Penguins fan posted on X.
Another added: “Can’t be worse than FSG.”
The Pittsburgh Penguins have won five Stanley Cup titles, with their most recent one coming in 2016-17.
Pittsburgh currently has a 14-9-9 record and has lost six straight games.