The NHL Board of Governors approved the sale of the Pittsburgh Penguins to the Hoffmann family for $1.7 billion on Tuesday, ending Fenway Sports Group's decade-long ownership and installing a Mackinac Island ferry operator as steward of a franchise with three Stanley Cups since 2009. Only the Ottawa Senators' $950 million sale to Michael Andlauer in 2023—later adjusted to reflect the team's actual enterprise value near $1.8 billion in some filings—rivals the headline figure. The Hoffmanns closed at a 14% premium to the Senators' adjusted number, pricing in PPG Paints Arena's downtown location and the Penguins' regional broadcast footprint across western Pennsylvania and northern West Virginia.
Fenway Sports Group acquired the Penguins in 2021 for $900 million, a transaction that bundled the team with its arena lease and development rights in the Lower Hill District. The group—led by John Henry, Tom Werner, and Michael Gordon—used the franchise as collateral in a $520 million credit facility tied to its Liverpool FC holdings in 2023, a structure that complicated renewal talks with the NHL's largest jersey sponsor, PPG Industries, whose $10 million annual deal expires in June 2027. The Hoffmanns inherit that negotiation and a $62 million payroll committed through 2026-27, the third-highest in the Eastern Conference. Sidney Crosby's $8.7 million cap hit runs through the end of next season; his agent, Pat Brisson, has already fielded inquiries from three teams about a potential sign-and-trade if the captain declines to extend.
The Hoffmann family made its fortune operating Shepler's Ferry Service, which moves 700,000 passengers annually between Mackinaw City and Mackinac Island, and owns the Florida Everblades, an ECHL affiliate of the Florida Panthers that won back-to-back Kelly Cups in 2022 and 2023. The Everblades play in Hertz Arena, a 7,200-seat facility the Hoffmanns renovated in 2021 for $14 million, adding suites and club seating that lifted average ticket revenue per game from $87,000 to $142,000 in two seasons. That playbook—modest capital, operational leverage, sponsorship density—translates cleanly to PPG Paints Arena, where the Penguins ranked 19th in the league in suite utilization last season at 68%, below the league average of 74%. The family has already scheduled a July meeting with Allegheny County officials to discuss a $35 million arena lighting and scoreboard upgrade, a project Fenway delayed in 2024 while it pursued a minority sale that never materialized.
The transaction resets the valuation floor for NHL franchises in mid-sized markets. The Penguins' $1.7 billion price tags them at roughly 4.2x trailing revenue, a multiple that exceeds the 3.8x average for teams sold since 2020 and reflects Pittsburgh's stable corporate base—UPMC, PNC Financial, Highmark Health—and the franchise's 18 consecutive playoff appearances before missing in 2024 and 2025. The next franchise expected to test the market is the Calgary Flames, where the Murray Edwards-led ownership group has explored a sale since the Saddledome replacement deal closed in January. Early indications put the Flames' ask near $1.4 billion, a figure that assumes a similar revenue multiple despite Alberta's smaller corporate sponsorship pool.
The Hoffmanns plan to retain president of hockey operations Kyle Dubas, whose four-year contract runs through 2028, and general manager Patrik Allvin, though Allvin's deal includes an opt-out clause if ownership changes. Dubas has already begun preliminary talks with agents for pending free agents Rickard Rakell and Reilly Smith, whose combined $10.5 million cap hit expires in July. The family has also reached out to Delaware North, the Penguins' long-time concessionaire, about extending a contract that comes up for bid in December 2026. The Hoffmanns' minority partners in the Everblades—Naples-based real estate developer Michael Mastroianni and Fort Myers orthopedic surgeon Dr. Craig Stevenson—are not part of the Penguins purchase, though both attended Tuesday's Board of Governors meeting in Manhattan and were seen in conversation with Bettman and deputy commissioner Bill Daly near the Four Seasons lobby bar.
PPG Industries' sponsorship renewal window opens in December, six months before the current deal expires. The chemical company has told the team it wants to see a new ownership group's community investment plan before committing to another multi-year term. The Hoffmanns' first public appearance as owners is scheduled for July 12 at PPG Paints Arena, where they will host a season-ticket holder event and announce the franchise's new alternate jersey design, a project begun under Fenway but delayed pending the sale's close. Rakell's agent, J.P. Barry, has a call with Dubas on July 8.
The takeaway
Hoffmanns paid a **14% premium** to recent comps, inheriting a sponsor renewal, a captain's extension, and a playbook from minor-league success.
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