- FSG paid US$900m for Penguins in 2021
- Billionaire David Hoffmann is founder and chairman of private equity firm Hoffmann Family of Companies
- Official announcement expected in coming days
Fenway Sports Group (FSG) has reportedly agreed to sell the National Hockey League’s (NHL) Pittsburgh Penguins to the Chicago-based Hoffmann family investment group.
The sale price is US$1.7 billion, according to Sportsnet’s Elliotte Friedmanwith an official announcement expected in the coming days. The transaction still requires approval from the NHL’s board of governors.
John Henry’s FSG acquired the Penguins from the former ownership group led by Mario Lemieux for a reported US$900 million in 2021, meaning the company is set to make a healthy return on its original outlay.
In July, The Athletic reported that a group led by former Penguins star Lemieux was interested in buying back the franchise, although that bid ultimately fell short of the Hoffmann family’s offer.
Billionaire David Hoffmann is the founder and chairman of private equity firm Hoffmann Family of Companies. The group already has experience in ice hockey, owning the ECHL’s Florida Everblades as well as the team’s home venue, Hertz Arena.
Although the Penguins have missed the Stanley Cup playoffs for three straight seasons and are in a period of transition on the ice, their brand value remains strong. They continue to benefit from the box-office draw of captain Sidney Crosby, alongside a passionate fan base that sold out every home game in Pittsburgh from 2007 to 2022.
The last NHL franchise to be sold was in 2024 when the Arizona Coyotes’ hockey assets were acquired by Ryan and Ashley Smith, leading to the creation of a new franchise, the Utah Mammothin Salt Lake City.
FSG’s wider sports portfolio includes Premier League giants LiverpoolMajor League Baseball (MLB) franchise the Boston Red Sox, Nascar team RFK Racing, and the TGL golf league’s Boston franchise. FSG also led an initial investment of US$1.5 billion in PGA Tour Enterprises last year.
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