The NHL Board of Governors voted unanimously Tuesday to approve the $1.7 billion sale of the Pittsburgh Penguins from Fenway Sports Group to the Hoffmann Family of Companies. The deal closes FSG's 18-year ownership of the franchise—the longest continuous stretch under single ownership since the Lemieux-Burkle era began in 1999—and hands control to a Michigan-based family office that made its fortune in Great Lakes ferry operations and hospitality.
Dan Hoffmann, who founded Mackinac Island's Star Line ferry service in 1978 and later expanded into hotels and real estate, died in 2021. His widow Darlene and their children have run the portfolio since. The family has owned the Florida Everblades, an ECHL affiliate of the Florida Panthers, since 2019. That franchise won back-to-back Kelly Cups in 2022 and 2023. League sources say the Hoffmanns impressed the Board during their December presentation by citing ECHL profit margins and a willingness to keep PPG Paints Arena staff intact through at least the 2025-26 season.
FSG bought the Penguins in 2007 for $175 million, three years after bankruptcy proceedings nearly relocated the team. The group—led by John Henry and Tom Werner—oversaw three Stanley Cup championships (2009, 2016, 2017) and a $321 million arena renovation completed in 2010. The $1.7 billion exit represents a compound annual return of roughly 13%, slightly below the NHL's franchise-value CAGR over the same period but well ahead of the S&P 500. FSG retains the Boston Red Sox, Liverpool FC, and a controlling stake in the Pittsburgh Pirates' Triple-A affiliate.
The sale matters for three reasons. First, the Hoffmanns are the first pure family-office buyers of an Original Six-adjacent franchise since the Ilitch family took the Detroit Red Wings private in 1982. Most recent NHL deals have involved consortiums or private-equity-adjacent vehicles. The Hoffmanns' structure is simpler: one family, one decision-maker (Darlene Hoffmann, age 74), no co-investors. That means faster capital calls for arena upgrades or payroll overruns, but also no built-in liquidity event. Second, the price sets a new floor for Rust Belt franchises. The Penguins' $1.7 billion valuation comes despite a metro population of 2.3 million—smaller than Nashville, Austin, or Charlotte—and a market that has bled 50,000 residents since 2010. Third, the Hoffmanns plan to keep Kyle Dubas as president of hockey operations through at least 2027, according to two front-office sources. Dubas, who signed a six-year deal in 2023, has publicly floated a rebuild timeline that extends beyond Sidney Crosby's playing career. The Hoffmanns' willingness to stomach that transition—potentially forfeiting playoff revenue in 2026 or 2027—suggests they view the franchise as a dynastic hold, not a five-year flip.
Watch for three near-term moves. The Hoffmanns are expected to name a new team president by September, replacing David Morehouse, who announced his retirement in May after 17 years. Second, the family is negotiating a jersey-patch sponsorship with a Great Lakes-based industrial company; terms are expected by October, ahead of the season opener. Third, the Penguins' local TV deal with AT&T SportsNet expires in 2027. The Hoffmanns have told league officials they prefer a direct-to-consumer streaming model, according to a person familiar with the discussions. That puts them in the same camp as the Utah Hockey Club and the Arizona-to-Salt Lake transition playbook.
The Hoffmanns closed the deal with $900 million in equity and $800 million in debt from Goldman Sachs, per sources. The leverage ratio—roughly 1.9x trailing EBITDA—is conservative by modern sports-finance standards but higher than any previous Hoffmann acquisition. The family has never carried more than $200 million in consolidated debt. The Penguins, meanwhile, are projected to generate $420 million in revenue for the 2025-26 season, down 3% year-over-year, with operating income near $60 million before debt service. The math works if the team makes the playoffs. If it doesn't, the Hoffmanns will be writing checks.
The takeaway
First family-office buyer of a major-market NHL franchise in 40 years; **$1.7B** exit sets Rust Belt floor despite shrinking metro.
nhlownershippittsburgh penguinsfsgfenway sports grouphoffmann family
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