Fenway Sports Group nearing sale of Penguins to Chicago-based investment group led by businessman David Hoffmann

Jason Mackey, Pittsburgh Post-Gazette on Dec 17, 2025

Published in Hockey

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PITTSBURGH — Another Penguins ownership change appears to be imminent, as Fenway Sports Group is deep in discussions with the Hoffmann Family of Companies to finalize the sale of primary interest in the team, sources told the Pittsburgh Post-Gazette Wednesday.

The deal — which requires approval from the NHL’s Board of Governors — has certainly gained traction and could be completed within days. If and when that happens, it would give the Penguins their third owner in the past four years.

As far as a selling price, it’s been expected to fall almost directly in line with Forbes’ valuation of the team, which is $1.75 billion.

Earlier Wednesday, a report by national hockey insider Frank Seravalli said an official announcement is expected in the coming days. When reached by the Post-Gazette, an FSG spokesperson responded with the following statement: “There is no formal agreement in place to confirm or announce at this time.”

Based on Post-Gazette reporting, talks have escalated in a way that it would take a major impediment to prevent a formal agreement and announcement from occurring soon.

Fenway Sports Group, which purchased the Penguins from Mario Lemieux and co-owner Ron Burkle in 2021, said in January it was exploring a potential sale of a minority share. At that time, FSG and team sources stressed that FSG was not looking to get out but was just raising funds to invest in the team and its Lower Hill redevelopment plan.

Hoffmann’s willingness to essentially pay sticker price changed the calculus, opening the door for the family to purchase the team, an asset it has long sought.

David Hoffmann is founder and chairman of the Hoffmann Family of Companies, which boasts more than 200 brands under its umbrella. His two sons are now co-CEOs. While the family business is based in Chicago, Hoffman now resides in Naples, Fla.

After Hoffmann bought the ECHL’s Florida Everblades in 2019, he told the Naples Daily News his group had first looked into buying a team in the NHL or NBA. He will finally get one soon in the Penguins, who have five Stanley Cups since 1991 and one of the greatest players ever, Sidney Crosby, under contract through 2026-27.

The Penguins’ sale saga has certainly been a journey, and it even included a dalliance with the most popular player in franchise history and its former co-owner, Lemieux.

In June, news broke that Lemieux and Burkle were interested in potentially repurchasing the Penguins. Private discussions ensued, and the Lemieux/Burkle group was prepared to go to a certain number, though FSG maintained publicly that nothing had changed.

“Fenway Sports Group continues to evaluate potential equity partners to support the long-term growth of the Pittsburgh Penguins,” an FSG spokesperson said in June. “While the process remains active, there is nothing to confirm or discuss at this time.”

The discussions with the Hoffmann Family of Companies continued, and assuming a deal is consummated, it will net FSG a hefty payday over its purchase price of approximately $900 million from November 2021.

The Penguins, in the second year of a rebuild greenlit by FSG, have missed the playoffs three years in a row. Attendance has sagged at PPG Paints Arena in recent years, causing FSG to incur operating losses. Despite that, FSG still poured financial resources into building up president Kyle Dubas’ hockey operations department.

The Penguins got off to a hot start in 2025-26 but have cooled off considerably. They’ve lost six in a row, including the last five games at home, and go back on the road with a 14-9-9 record entering Thursday’s game in Ottawa.

It’s yet to be seen if another ownership change will impact the Penguins’ rebuild or Crosby’s thinking on how he would like to spend the rest of his career.

It is also unknown whether Lemieux could be more involved with the team now that FSG is exiting. Although FSG denied such claims, Lemieux had been around the Penguins far less, and rumors of a rift between him and current ownership swirled.

In reporting a potential sale, one league source posited to the Post-Gazette that Lemieux — who’s been at the past two Penguins games as Crosby closes in on his franchise scoring record — would be someone the Hoffmann Family of Companies would be smart to have involved in some capacity.

How the Hoffmanns handle all of this should be fascinating.

Soon enough, the conglomerate will almost assuredly own a major professional sports team for the first time. Will it be OK with a rebuild or want to accelerate the current process?

We’ll learn those answers eventually, as well as a potential role for Lemieux or how the new owners plan to connect with the fan base.

For now, though, it appears FSG’s stay in Pittsburgh will be short-lived.

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