{"id":605491,"date":"2026-06-23T20:48:14","date_gmt":"2026-06-23T20:48:14","guid":{"rendered":"https:\/\/www.rawchili.com\/nhl\/605491\/"},"modified":"2026-06-23T20:48:14","modified_gmt":"2026-06-23T20:48:14","slug":"nhl-owners-approve-penguins-sale-from-fsg-to-hoffmann-family-ownership","status":"publish","type":"post","link":"https:\/\/www.rawchili.com\/nhl\/605491\/","title":{"rendered":"NHL owners approve Penguins sale from FSG to Hoffmann family ownership"},"content":{"rendered":"

After a several-month wait, the Hoffmann family has cleared the biggest hurdle to becoming the new owner of the Pittsburgh Penguins.<\/p>\n

While the news of the family\u2019s interest in buying the team from its previous owner, Fenway Sports Group, became public almost a year ago and a sale was agreed upon in December, the deal wasn\u2019t approved by the league until Tuesday\u2019s NHL Board of Governors meeting in New York.<\/p>\n

The team announced that the sale, which was unanimously approved, \u201cis expected to close imminently.\u201d Though the team did not disclose the price, The Athletic reported in December<\/a> that it was expected to be between $1.7 billion and $1.8 billion, nearly double the $900 million FSG paid for the franchise in 2021 from Mario Lemieux and Ron Burkle.<\/p>\n

While the Hoffmann family did not earn its $2 billion fortune in hockey, it has a longtime affinity for the sport and has been a successful owner of the ECHL\u2019s Florida Everblades since 2019<\/a>.<\/p>\n

David Hoffmann is the billionaire patriarch of the family, the majority of his wealth coming from private equity, manufacturing, real estate and other businesses.<\/p>\n

The man expected to be at the forefront of the Penguins\u2019 ownership and day-to-day operations, however, is David Hoffmann\u2019s son, Geoff Hoffmann, CEO of the Hoffmann Family of Companies\u2019 private equity arm, who will serve as the team\u2019s governor. The team\u2019s alternate governors will be Greg Hoffmann, CEO of the company\u2019s real estate arm and brother of Geoff Hoffmann, along with David Hoffmann and Kyle Dubas, the Penguins\u2019 president of hockey operations and general manager.<\/p>\n

While the Hoffmanns do not boast FSG\u2019s wealth \u2014 Forbes estimates FSG\u2019s worth at just over $14 billion, compared to the Hoffmann family\u2019s $2.6 billion \u2014 the Penguins will be their biggest focus. Though FSG put a lot of money into the Penguins, its portfolio includes higher-profile teams in the Boston Red Sox and Liverpool Football Club.<\/p>\n

\u201cThe Penguins will be the crown jewel for the Hoffmann family, and the Hoffmann family loves hockey,\u201d said a Penguins team source who spoke under the condition of anonymity because the deal was not yet complete.<\/p>\n

The Hoffmanns are the ninth owners in the Penguins\u2019 59-year history \u2014 and what a history it\u2019s been.<\/p>\n

The Penguins have been the ultimate roller-coaster franchise, twice filing for bankruptcy but also producing a sellout streak that lasted 14 years, winning the Stanley Cup five times and boasting a galaxy of all-time greats, including Lemieux, Jaromir Jagr, Sidney Crosby and Evgeni Malkin.<\/p>\n

Despite sagging attendance figures in recent seasons, the Penguins remain extremely popular in Pittsburgh and are fresh off the momentum of their first playoff appearance since 2022. They also appear to be heading in a strong direction due to the impressive performance of Dubas, whom FSG hired in 2023.<\/p>\n

SportsNet Pittsburgh, which is owned by the Penguins but operated by Boston-based and FSG-owned TV network NESN, will continue to air Penguins games next season. After next season, the Hoffmanns, who acquired the TV network as part of the team purchase, will determine if they\u2019ll continue to have NESN run SportsNet Pittsburgh.<\/p>\n

Lemieux, whose popularity is unrivaled in Pittsburgh, owned the Penguins from 1999 to 2021. Team sources are optimistic that he will be involved in some capacity with new ownership, though it remains unclear what that role would be or when it would begin. He has been a regular at PPG Paints Arena since news of the sale surfaced last year.<\/p>\n

The Penguins remain marketable in the community and leaguewide because of their trio of stars. Crosby, Malkin and Kris Letang will begin their 21st consecutive seasons together in September \u2014 Crosby\u2019s 22nd season \u2014 the longest amount of time a trio has played together in the history of North American sports.<\/p>\n","protected":false},"excerpt":{"rendered":"After a several-month wait, the Hoffmann family has cleared the biggest hurdle to becoming the new owner of…\n","protected":false},"author":2,"featured_media":605492,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[5,4,100],"class_list":["post-605491","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nhl","tag-hockey","tag-nhl","tag-pittsburgh-penguins"],"share_on_mastodon":{"url":"https:\/\/channels.im\/@nhl\/116801392054473423","error":""},"_links":{"self":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/posts\/605491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/comments?post=605491"}],"version-history":[{"count":0,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/posts\/605491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/media\/605492"}],"wp:attachment":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/media?parent=605491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/categories?post=605491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/tags?post=605491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}