The proposed sale would see Fenway Sports Group step back to a minority role while maintaining commercial involvement, as rising valuations and phased transitions continue to reshape how NHL franchises change hands.
Fenway Sports Group (FSG) has struck an agreement to sell a controlling interest in the Pittsburgh Penguins to the Hoffmann Family of Companies.
The Penguins said in a statement on December 19 that FSG and the Chicago-based Hoffmann family had entered into a definitive agreement, subject to approval from the NHL’s Board of Governors and other customary conditions.
Under the proposed structure, FSG will remain a minority shareholder for a period and continue supporting parts of the commercial operation, while the Penguins’ leadership team is expected to remain in place.
Financial terms were not disclosed by the club, but Reuters reported the transaction is valued at between $1.7bn and $1.8bn.
Leadership continuity is central to the deal
FSG CEO Sam Kennedy said the group had explored investor interest in the franchise through a formal process and described the Hoffmann family as “thoughtful stewards”, adding that FSG planned to work closely with them on a smooth transition.
The Penguins also said Kyle Dubas will continue to lead hockey operations as president of hockey operations and general manager, while Teddy Werner will serve as interim president of business operations through the close of the transaction.
On completion, Geoff Hoffmann is expected to serve as the Penguins’ NHL governor, alongside alternate governors Greg and David Hoffmann, a governance structure common across the league where each member club appoints a governor to represent it on the NHL Board of Governors.
The Hoffmann Family of Companies said it has built a portfolio of more than 125 brands globally and already owns the Florida Everblades, an ECHL franchise it acquired in 2019.
Another high-profile NHL ownership shift
If approved, the Penguins deal will sit alongside a run of notable NHL ownership changes in the past two years, many of them shaped by three consistent features: board approval, phased transitions, and the rising influence of investor groups with broader portfolios.
In October 2024, the NHL approved an expanded ownership group for the Tampa Bay Lightning led by Doug Ostrover and Marc Lipschultz, with Jeff Vinik retaining full control of the franchise for a period as part of a transition plan, according to the team and reporting by ESPN.
In 2024, the league also approved the sale of the Arizona Coyotes’ hockey operations and player contracts to Smith Entertainment Group, enabling the establishment of a new NHL franchise in Utah. That transaction was widely reported at $1.2bn and was notable for the way it transferred hockey assets rather than a traditional relocation of a club’s full business and intellectual property.
A year earlier, the NHL Board of Governors unanimously approved the sale of the Ottawa Senators to a group led by Michael Andlauer, with the NHL noting the Melnyk estate retained a minority stake as part of the transaction.
What the Penguins transaction says about NHL deal-making
The Penguins structure, as described by the club, reflects several trends which have become increasingly visible in modern NHL transactions.
First, league governance remains a gatekeeper. Transactions require NHL Board of Governors approval, and the appointment of a team governor and alternate governors underscores that ownership is not just a financial matter but also a governance role within the league’s decision-making structure.
Second, sellers are increasingly staying involved post-close. FSG’s plan to remain as a minority shareholder and continue supporting certain commercial areas, including sponsorship sales and regional sports network management, is consistent with the phased transition approach seen in other deals where operational continuity is used to reassure partners, employees, and fans.
Third, valuations continue to climb, even as ownership becomes more complex. Reuters reported FSG acquired the Penguins in 2021 for $900m and is now selling a controlling stake for a reported $1.7bn to $1.8bn, illustrating the speed of appreciation in top-tier North American sports assets, driven by media, live entertainment demand and the scarcity of available franchises.
