Sources: FSG to sell Penguins to Hoffman family

"Fenway Sports Group has agreed in principle to a sale of the Pittsburgh Penguins to the Chicago-based Hoffmann family, sources confirmed to ESPN. The deal is pending approval by the NHL's Board of Governors. While the exact sale price was not immediately confirmed, league sources expect the deal to land between $1.7 and $1.8 billion for the Penguins. FSG bought controlling interest of the Penguins in 2021 for $900 million."

"The Penguins were previously owned by Ron Burkle and franchise legend Mario Lemieux, who had bought the team and saved it from bankruptcy in 1999. That group helped keep the Penguins in Pittsburgh, then the club went on to win three Stanley Cups from 2009 to 2017 with its current core player group of Sidney Crosby, Evgeni Malkin and Kris Letang. Lemieux has remained involved with the team after the sale to Fenway and his role with the new ownership group remains to be seen."

Fenway Sports Group agreed in principle to sell the Pittsburgh Penguins to the Hoffmann family, subject to NHL Board of Governors approval, with the expected price around $1.7–$1.8 billion. FSG acquired controlling interest in 2021 for $900 million. The Penguins were previously saved from bankruptcy in 1999 by Ron Burkle and Mario Lemieux and subsequently won three Stanley Cups from 2009 to 2017 with Sidney Crosby, Evgeni Malkin and Kris Letang. Mario Lemieux has remained involved and his role under new ownership is uncertain. The Hoffmann Family of Companies is a private equity firm led by David Hoffmann and owns the ECHL Florida Everblades; FSG’s broader portfolio includes Liverpool, the Boston Red Sox, Fenway Park, NESN, RFK Racing and Boston Common Golf of TGL. The NHL’s Board is not scheduled to meet until June but could convene earlier to consider the sale.

Read at ESPN.com