Fenway Sports Group (FSG) has agreed in principle to sell the Pittsburgh Penguins to the Chicago-based Hoffman family for an estimated price between $1.7 billion and $1.8 billion, pending NHL Board of Governors approval. FSG originally acquired control of the Penguins in 2021 for $900 million. The Penguins were previously owned by Ron Burkle and Mario Lemieux, who helped save the team from bankruptcy in 1999 and led it to three Stanley Cup victories from 2009 to 2017.
FSG, known for its portfolio including Liverpool FC and the Boston Red Sox, was looking to sell a minority stake in the Penguins before deciding on this full sale. The Hoffmans, led by billionaire David Hoffman, own a diverse array of businesses and have expressed a desire to own an NHL or NBA team.
The NHL Board of Governors isn’t scheduled to meet again until June, but could convene earlier to vote on the sale. The Penguins have missed the playoffs for the past three seasons, with a rebuild underway under general manager Kyle Dubas. Key players like Sidney Crosby and Evgeni Malkin have uncertain futures as their contracts are expiring.
The new ownership will need to address the regional sports channels that broadcast Penguins games. Despite recent attendance decline, the NHL franchise values are rapidly increasing, with the average team now worth approximately $2.1 billion, reflecting significant growth in the league’s revenue.
Source link
