As if the NHL trade deadline did not provide enough news, Pittsburgh Hockey Now has learned the Pittsburgh Penguins’ sale remains stuck in process, nearly three months after the current ownership, the Fenway Sports Group, announced the $1.7 billion sale to the Hoffman Family of Companies.
After months of trickling news which began in August, the Hoffman Family of Companies finally entered into an agreement to purchase the Penguins on Dec. 19.
The team released a statement. The Hoffmans released a statement. But that was the last bit of news regarding new Penguins ownership. However, a league source told Pittsburgh Hockey Now on Wednesday evening that the league has not yet approved Hoffman’s purchase and the league is “still working through the process.”
Based on public estimates, the Hoffman family has a net worth of approximately $2 billion. Their holdings include real estate, newspapers, and assorted regional and local businesses in Florida, such as a restaurant group and Elmer Chocolate in Louisiana.
The family also owns the Florida Everblades of the ECHL.
“During a formal process to explore investor interest in the Pittsburgh Penguins, we were approached by the Hoffmann family with an offer that warranted serious consideration,” Sam Kennedy, CEO of Fenway Sports Group, said in a news release in Dec. 19 “From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest. We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that’s been built.”
However, the league is still working to approve the Hoffmans’ purchase of the Penguins, announced 76 days ago.
Following reports in November that FSG’s sale to the Hoffmans had stalled, PHN reported on Dec. 4 that the purchase was again moving forward, but there were complications. PHN believes those complications involved payments to former Lemieux Group partner Ron Burkle, and the issues were solved a couple of weeks later.
For context, it was a short time between the current owner FSG’s agreement to buy the team and the NHL Board of Governors’ approval. FSG announced it would purchase the Penguins from the Lemieux Group on Nov. 29, 2021, and it was approved 10 days later on Dec. 9.
On Nov. 14, NHL commissioner Gary Bettman declined further comment during a press conference at the NHL Global Series event in Stockholm, but did reiterate the league’s stance.
“People buy and sell teams, assets, for a variety of reasons. I think Fenway Sports Group, their reputation in sports is well known, and if the franchise is ultimately sold, I’m sure they, and we, will make sure it goes into good hands.”
While the NHL rejecting sales is rare, it would not be the first time in the Penguins’ history. In December 2006, the NHL Board of Governors unanimously rejected Blackberry CEO Jim Balsillie’s $185 million purchase because of legitimate fears he would move the team to Hamilton, Ont.
Tags: david hoffman fenway sports group fsg Hoffmann Family Penguins sale Pittsburgh Penguins
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