The issues holding up the Pittsburgh Penguins’ sale may have been solved, and the Penguins could soon have a new owner, made official in the next few days.
There are reports from Frank Seravalli of the Bleacher Report, which TNT Sports owns, that a deal for Fenway Sports Group to pass the franchise on to the Hoffmann Family of Companies is on track and could be completed in short order. He is reporting the sale will be for around $1.7 billion or $1.8 billion.
All of the league’s broadcast rights holders, including ESPN, are reporting that the sale is done.
After the idea of Hall of Famer Mario Lemieux and Ron Burkle re-acquiring the team — their group sold to FSN in 2021– was floated but then seemed to die on the vine, the Hoffmann group has been the only known suitor.
On Dec. 4, Pittsburgh Hockey Now reported the sale was still on, despite reports of its demise, but there were complicating factors that had greatly slowed the process. Sources then indicated they expected it to be completed early in the new year.
Sources also indicated NHL commissioner Gary Bettman had instructed parties to maintain radio silence until the parties were able to resolve the issues. Further, PHN was told of Fenway’s waning interest in ownership.
When PHN asked Bettman in Stockholm on Nov. 14 if he had an update on the sale, the commissioner affirmed that the NHL would not comment, but if there were a sale, the league would ensure the team was “in good hands.”
The sale process to Hoffmann Family of Companies, based in Chicago, has had its ups and downs. In June, FSG emailed employees to reaffirm the sports ownership conglomerate’s commitment to the team and to again state that the current ownership was merely looking for a minority investor.
However, FSG has remained silent since.
Elliotte Friedman of Sportsnet reported the final sale price will be between $1.7 and $1.8 billion.
Tags: fenway sports group hoffman family of companies Penguins sale Pittsburgh Penguins
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