The sale of the Penguins to Hoffmann Family of Companies is finally approved. What's next?
NEW YORK - The sale of the Penguins to Hoffmann Family of Companies was approved Tuesday by the NHL's Board of Governors, officially ushering in a new era for the franchise.
The sale had been in limbo for months before the NHL's owners unanimously stamped their support at Tuesday's Board of Governors meeting in New York.
"This is a defining moment for our family," incoming Penguins governor Geoff Hoffmann said in a statement. "The Penguins represent everything Hoffmann Family of Companies stands for - community, excellence and long-term thinking.
"We look forward to building on the team's success by providing support and resources to both Kyle Dubas and the hockey operations team, as well as the established leadership group on the business side. We're proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community."
Hoffmann Family of Companies entered into a "definitive agreement" to purchase the team from Fenway Sports Group in December. In March, the Pittsburgh Sports and Exhibition Authority formally consented to the sale - a necessary step.
NHL commissioner Gary Bettman indicated the transaction was on track in April but did not offer a timetable for its final steps.
It took two more months for the Board of Governors to approve the $1.7 billion sale. But now, the Penguins can launch into the busiest part of the offseason with new ownership in place well ahead of the 2026-27 season. The NHL Draft begins Friday, and free agency opens July 1.
The Hoffmanns previously said they plan to keep Penguins president of hockey operations Kyle Dubas and work alongside the franchise's existing leadership team.
Who are the Hoffmanns?
Hoffmann Family of Companies is a family-owned private equity firm based in the Chicago area.
It consists of over 200 brands and 27,000 employees in a wide variety of industries, including agriculture, aviation and transportation, financial and professional services, hospitality and entertainment, manufacturing, marine, media and marketing, and real estate.
The Hoffmanns also purchased the ECHL's Florida Everblades in 2019, guiding the team to four Kelly Cup titles in the last five years.
Missouri native David Hoffmann founded the company and serves as its chairman. His sons, Geoff and Greg, are now the CEOs - with Geoff overseeing the private equity side and Greg managing the family's real estate holdings.
Geoff will be the Penguins' governor, while David and Greg will be alternate governors.
Geoff Hoffmann's sons play hockey. He and his wife founded "Type 1 Timer Hockey," a nonprofit hockey camp supporting young players with diabetes.
David Hoffmann's net worth is estimated at $2.6 billion, according to Forbes. It's climbed rapidly over the past few years.
Brief FSG era is over
Fenway Sports Group, owners of the Boston Red Sox and Liverpool Football Club, purchased the Penguins from Mario Lemieux and Ron Burkle for approximately $900 million in 2021.
Less than five years later, they're selling the team for nearly twice that initial investment - though the Penguins never made it out of the first round of the Stanley Cup playoffs under FSG's ownership.
In January 2025, FSG began exploring the possibility of selling a minority share of the Penguins. During that process, the Hoffmanns approached FSG "with an offer that warranted serious consideration," according to FSG CEO Sam Kennedy. The news of the Hoffmann family's interest broke in August.
Lemieux and Burkle were also interested in buying back the team, but the Hoffmanns' bid won out. The eventual $1.7 billion purchase price fell right in line with Forbes' valuation of the franchise.
The Hoffmanns want Lemieux, the Penguins legend who more than two decades ago saved the franchise from bankruptcy and possible relocation, to be involved with the team in some capacity. It remains to be seen how that will play out.
The team on the ice
The Hoffmanns are inheriting an organization that significantly increased off-ice investment under FSG - from player development and performance to analytics and more.
The outlook on the ice is also looking brighter. The Penguins returned to the playoffs this spring after a three-season drought and have accumulated a stockpile of draft picks and prospects under Dubas.
They still do not appear to have their next superstar to take the torch from Sidney Crosby when the longtime Penguins captain retires. But they're attempting to put solid depth around Crosby and the veteran core in the hopes they can give them another crack at the Stanley Cup in the coming years.
The new owners will surely look to put their fingerprints on the hockey club. But they have stated multiple times that they believe in Dubas' leadership.
"Our goal is to support Kyle Dubas with everything he needs to bring the Penguins back to the pinnacle of the NHL," Geoff Hoffmann said in December.
What about Wheeling?
The finalized sale may alter the Penguins' minor league system.
The Wheeling Nailers have been the franchise's ECHL affiliate for the past 29 seasons, the longest active agreement in the league. But with the Hoffmanns already owning the Everblades, the Estero, Fla.-based club could replace the Nailers as the Penguins' ECHL affiliate.
The Everblades' affiliation agreement with the St. Louis Blues ended after the 2025-26 season, as the Blues announced a new partnership with the Worcester Railers.
The Penguins own their AHL affiliate in Wilkes-Barre/Scranton, so that connection will almost certainly remain intact.
The local TV situation
New England Sports Network, which operates SportsNet Pittsburgh, is under the FSG umbrella. But FSG partner Teddy Werner told the Post-Gazette on Tuesday that NESN will continue to operate SportsNet Pittsburgh, so it appears Penguins games will have the same television home next season.
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