The NHL Board of Governors voted Tuesday to approve the sale of the Pittsburgh Penguins from Fenway Sports Group to the Hoffmann family for $1.7 billion, ending FSG's four-year hold on the franchise and installing a Michigan-based ownership group with seven years of minor-league hockey experience.
FSG acquired the Penguins in December 2021 for $900 million from Ron Burkle and Mario Lemieux, who retained minority stakes. The 88.9 percent return in under five years reflects both franchise appreciation across the NHL—where recent transactions include the Ottawa Senators at $950 million in 2023 and the Arizona Coyotes at $1.2 billion in 2024—and the premium commanded by a three-time Stanley Cup winner in the league's seventh-largest television market. FSG principal owner John Henry will redirect capital toward Liverpool FC's stadium expansion and potential MLB opportunities as the Rays and Athletics relocations create acquisition windows.
The Hoffmanns operate the Shepler's and Star Line ferry services on Michigan's Mackinac Straits and have owned the ECHL's Florida Everblades since 2019, a club that has won three Kelly Cups in five seasons and serves as the primary affiliate for the Florida Panthers. That track record matters less than geography. The family maintains offices in Mackinaw City, 260 miles from Detroit, where Little Caesars Arena opened in 2017 with 20,000 hockey seats and the Red Wings draw 19,515 per game. Pittsburgh's PPG Paints Arena averages 18,387 in a market where the Penguins have not won a playoff series since 2018 and Sidney Crosby turns 39 in August. The NHL has not relocated a franchise since 1997, but the Hoffmanns' Michigan roots and the league's interest in maximizing the U.S. footprint create optics that Penguins season-ticket holders are already pricing in.
The sale gives the Hoffmanns control of a franchise with $293 million in hockey-related revenue for the 2024-25 season, third in the Metropolitan Division behind the Rangers and Capitals. Local broadcast revenue remains tied to AT&T SportsNet Pittsburgh, which exited bankruptcy in 2023 but still restricts streaming distribution. That contract runs through 2028, when the Penguins can either renegotiate or join the direct-to-consumer wave already adopted by teams in Phoenix, Seattle, and Utah. The Hoffmanns inherit a roster with $81.4 million in cap commitments for 2025-26, including Crosby's final year at $8.7 million, and a head coach in Mike Sullivan earning $4 million annually through 2027. The front office, led by president of hockey operations Kyle Dubas, has eighteen months to either reload around Crosby or pivot toward a rebuild that would alienate the season-ticket base but preserve asset value.
Watch the Hoffmanns' first press conference, expected within ten days, for language on "Pittsburgh commitment" versus "evaluating all options." Crosby's contract discussions, which were postponed during the sale process, restart immediately. The NHL's 2026 expansion draft for potential teams in Houston or Atlanta could shift relocation calculus if the league prioritizes new markets over rescuing legacy franchises. Michigan lieutenant governor discussions with Hoffmann representatives, if they surface in public filings, would accelerate the timeline.
FSG now holds stakes in Liverpool, the Red Sox, the Penguins' PWHL affiliate, and a NASCAR team. The Hoffmanns own a hockey team in Estero, Florida, where they've never lived, and one in Pittsburgh, where they might not stay.
The takeaway
Ferry operators buy Penguins for $1.7B; Michigan geography and Crosby's contract window create relocation risk FSG never faced publicly.
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