Naples billionaire David Hoffmann and his family are set to become the controlling owners of the Pittsburgh Penguins, under an agreement for Hoffmann Family of Companies to acquire a majority stake in the storied NHL franchise from Fenway Sports Group.
The transaction, announced jointly by Fenway Sports Group and Hoffmann Family of Companies, is subject to approval by the NHL Board of Governors and other customary conditions. Financial terms were not disclosed, though multiple reports have valued the deal at roughly $1.7 billion — nearly double the approximately $900 million Fenway Sports Group paid to acquire the Penguins in 2021 from Mario Lemieux and Ron Burkle.
Founded in 1967, the Penguins are among the NHL’s most successful modern-era franchises, with five Stanley Cup championships — in 1991, 1992, 2009, 2016 and 2017 — and a legacy shaped by generational stars including Lemieux, Jaromir Jagr and Sidney Crosby.
David Hoffmann, founder of Hoffmann Family of Companies, and his wife, Jerri, attend a NextGen speaker series event in Naples. Hoffmann and his sons are poised to acquire a controlling stake in the Pittsburgh Penguins.
Tim Aten
For the Hoffmann family, the Penguins represent their first ownership stake in a major professional sports franchise, but not their first in hockey. The family has owned the Florida Everblades of the ECHL since 2019, a tenure marked by sustained success, including three consecutive Kelly Cup championships from 2022 through 2024, as well as significant investment in Hertz Arena in Estero.
“Hockey has always been a meaningful part of our family’s story, which makes this an incredibly special opportunity,” said Geoff Hoffmann, CEO of Hoffmann Family of Companies. “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.”
The Florida Everblades celebrate a Kelly Cup championship at Hertz Arena in Estero. The Hoffmann family has owned the Everblades since 2019, winning three consecutive titles from 2022 through 2024.
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He said the family intends to build on the foundation established under Fenway Sports Group, which will remain a minority shareholder for a period of time and continue supporting key business functions, including sponsorship sales and regional sports network management.
“Our goal is to support Kyle Dubas with everything he needs to bring the Penguins back to the pinnacle of the NHL,” Geoff Hoffmann said. “We look forward to working alongside the exceptional leadership team already in place, strengthening our connection with Penguins fans and ensuring the franchise remains a source of pride for the city for generations to come.”
The Penguins’ leadership structure is expected to remain intact following the sale. Dubas will continue as president of hockey operations and general manager, while Teddy Werner will remain interim president of business operations through the close of the transaction. Upon completion, Geoff Hoffmann will serve as team governor, with Greg and David Hoffmann listed as alternate governors.
Geoff Hoffmann, CEO of Hoffmann Family of Companies, will serve as team governor once the acquisition of the Pittsburgh Penguins is finalized.
Hoffmann Family of Companies
The acquisition comes as the Hoffmann family continues to deepen its investments in Naples, where David Hoffmann and his wife, Jerri, have lived since 2015 and where much of the company’s recent growth has been anchored. Through Hoffmann Commercial Real Estate, the family has resumed buying high-profile properties along Fifth Avenue South, including a $12 million agreement this fall for ground-floor retail space at the corner of Fifth Avenue South and Fifth Street South, a return to downtown ownership after selling roughly two dozen Naples properties in a major 2023 transaction.
“I’ve said it before, and I’ll say it again: We’re strong believers in the Naples commercial real estate market and remain committed to investing in its continued growth,” said Greg Hoffmann, CEO of Hoffmann Commercial Real Estate.
Panelists Jerri and David Hoffmann and Jim Schwartzel participate in the NextGen speaker series at Naples Airport. The trio discussed entrepreneurship, resilience and community leadership.
Tim Aten
The Naples activity reflects a broader expansion that has elevated David Hoffmann’s public profile. Ranked No. 1,763 on Forbes’ 2025 list of the world’s richest people, David Hoffmann has an estimated net worth of $2 billion, up from $1.3 billion when he first appeared on the list in 2022. He stepped back from day-to-day leadership of the family business that year, naming sons Geoff and Greg co-chief executives while remaining chairman.
Hoffmann Family of Companies now encompasses more than 125 brands, employing roughly 17,000 people across 400 locations in 30 countries. Its portfolio spans real estate, transportation, hospitality, manufacturing, media and sports, a diversified investment model the family is now betting can translate from minor-league hockey success in Southwest Florida to stewardship of one of the NHL’s flagship franchises.