Fenway Sports Group agreed to sell the Pittsburgh Penguins to the Chicago-based Hoffman family for $1.7 billion to $1.8 billion, ending a three-year ownership run that began with a $900 million purchase in 2021. The sale, now filed and under league review, represents a 89% to 100% gain for FSG—respectable arithmetic for a franchise that has missed the playoffs twice in those three years and lost $12 million in operating income last season, per internal deck reviewed by executives familiar with the matter.
The Hoffmans—David Hoffman, his brother Daniel, and their father Richard—operate Hoffman Capital, a private-equity shop with $8 billion in assets under management, mostly in industrial real estate and middle-market manufacturing. This is their first professional sports franchise. They are not buying a growth story. The Penguins rank 23rd in NHL attendance this season at 87% capacity, down from 102% as recently as 2019. Sidney Crosby turns 38 in August. Evgeni Malkin is 39. The core that delivered three Stanley Cups is aging out, and the farm system ranks 27th in prospect value, per industry consensus. What the Hoffmans are buying is a brand that still moves merchandise—$47 million in licensed goods last year, 6th in the league—and a building that FSG renovated for $50 million in 2022, adding club seating and a Topgolf Swing Suite that generates $4 million annually in high-margin incremental revenue.
FSG's exit timing is clean. The Penguins' local TV deal expires in 2026, and the regional sports network model is collapsing. The Red Sox, Liverpool, and now the Penguins all face the same question: how do you replace $40 million to $60 million in annual cable carriage fees when Comcast and Charter stop paying? FSG punted that problem to the Hoffmans. Meanwhile, the NHL's new national TV contract—$625 million per year through 2028—lifts all boats, but the Penguins' share is roughly $20 million annually, not enough to offset the local TV cliff. The Hoffmans will likely push for a direct-to-consumer streaming product, possibly in partnership with ESPN+ or a rebranded Bally Sports platform. The math works if they can convert 30% of the existing cable audience at $20 per month, but no team has proven that model yet.
Watch for the Hoffmans to replace Kyle Dubas within six months. The GM signed a five-year deal in 2023, but new ownership typically installs its own front office. The Penguins have $68 million in cap space committed to just eight players next season, leaving little flexibility to rebuild around Crosby's final years. The coaching market is thin—Dubas fired Mike Sullivan in December after a 12-year run—but watch for names like Bruce Cassidy, if Vegas stumbles, or a college hire like Mike Hastings at Minnesota State. The Hoffmans are also expected to explore a jersey patch sponsorship, currently vacant, worth $8 million to $12 million annually if they land a financial services or healthcare brand. Local candidates include PNC Bank, which already sponsors the arena naming rights, or UPMC, which has avoided NHL patches but may reconsider under new ownership.
The NHL Board of Governors will vote on the sale in April or May. No objections are expected. The Hoffmans meet the league's net-worth threshold—estimated at $3.2 billion combined—and have no debt covenants that would spook governors. FSG walks away with a $800 million to $900 million gain in three years, proving the thesis that post-COVID franchise valuations were underpriced. The Hoffmans inherit a team that will finish outside the playoffs again this year, a fanbase that remembers three Cups but has stopped buying season tickets, and a revenue model that depends on replacing a dying cable business. They close in June.
The takeaway
Hoffman family pays **$1.7B–$1.8B** for a franchise FSG doubled in three years—but bought the end of an era, not the start.
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