Fenway Sports Group trims its portfolio. One of the most influential conglomerates in the global sports ecosystem has sold the only National Hockey League franchise it owned: the Pittsburgh Penguins. Valued at $1.7 billion, the team has been acquired by the Hoffmann family.

David Hoffmann is the founder and chairman of Hoffmann Family of Companies, a family-owned private equity group comprising 125 global brands and employing more than 17,000 people worldwide. 

Hoffmann built his initial fortune after founding executive search firm DHR Global in 1989, and his net worth is estimated at $2 billion, according to Forbes.

His son, David Geoff Hoffmann, is the CEO of Hoffmann Family of Companies and will assume the role of team governor once the transaction is finalized in 2026. 

The Hoffmanns already have experience in hockey ownership, having acquired the Florida Everblades of the ECHL in 2019 from former Carolina Hurricanes owner Peter Karmanos Jr.

Fenway Sports Group purchased the Penguins in 2021 for $900 million, strengthening a sports portfolio that already included the Boston Red Sox (MLB), Liverpool FC (Premier League), RFK Racing, and the regional broadcaster New England Sports Network (NESN). Prior to the Penguins sale, the total value of FSG’s sports assets was estimated at $13.1 billion.

FSG’s ownership model has been widely praised for its ability to blend tradition with modernization, most notably turning Liverpool into a global sporting and commercial powerhouse. The group’s shareholder base also includes NBA star LeBron James.

In recent years, Fenway Sports Group has explored adding a second European football club to its portfolio alongside Liverpool. The group came close to acquiring Getafe CF for around €200 million, but Qatari group JTA currently appears to have the upper hand. A year earlier, FSG also fell short in its attempt to purchase Girondins de Bordeaux.