Fenway Sports Group has agreed to sell the Pittsburgh Penguins to the Hoffman family, ESPN reports. While the exact sale price was not confirmed, league sources say they expect the sale price to range between $1.7 to 1.8 billion. FSG bought controlling interest back in 2021 for $900 million.The Penguins were previously owned by Ron Burkle and franchise legend Mario Lemieux, who bought the team and saved it from bankruptcy in 1999 to help keep the club in Pittsburgh.Fenway Sports group portfolio includes several other majors sporting properties, includingBoston Red SoxFenway ParkRFK racing in NASCARLiverpool of the EPLNew England Sports NetworkESPN reported in January that Fenway was exploring the market for a minor sale in the club, which is common for NHL clubs.Hoffman has been in talks with Fenway since this summer, ESPN says. The Hoffmann Family of Companies is a multi-generational family-owned private equity firm, whose CEO is billionaire David Hoffmann.Their portfolio includes more than 100 brands in real estate, manufacturing, media and agriculture, among other sectors.The group also owns the ECHL Florida Everblades.The NHL Board of Governors is expected to vote on the sale in June, but could call for a vote earlier. According to Sportico’s report in October, the average NHL franchise is worth 2.1 billion, which is a 17% increase from last year and an almost 100% increase from 2022.

PITTSBURGH —

Fenway Sports Group has agreed to sell the Pittsburgh Penguins to the Hoffman family, ESPN reports.

While the exact sale price was not confirmed, league sources say they expect the sale price to range between $1.7 to 1.8 billion.

FSG bought controlling interest back in 2021 for $900 million.

The Penguins were previously owned by Ron Burkle and franchise legend Mario Lemieux, who bought the team and saved it from bankruptcy in 1999 to help keep the club in Pittsburgh.

Fenway Sports group portfolio includes several other majors sporting properties, includingBoston Red SoxFenway ParkRFK racing in NASCARLiverpool of the EPLNew England Sports Network

ESPN reported in January that Fenway was exploring the market for a minor sale in the club, which is common for NHL clubs.

Hoffman has been in talks with Fenway since this summer, ESPN says.

The Hoffmann Family of Companies is a multi-generational family-owned private equity firm, whose CEO is billionaire David Hoffmann.

Their portfolio includes more than 100 brands in real estate, manufacturing, media and agriculture, among other sectors.

The group also owns the ECHL Florida Everblades.

The NHL Board of Governors is expected to vote on the sale in June, but could call for a vote earlier.

According to Sportico’s report in October, the average NHL franchise is worth 2.1 billion, which is a 17% increase from last year and an almost 100% increase from 2022.