Hoffman Group nearing deal to purchase Pittsburgh Penguins

According to insider Frank Seravalli, the Fenway Sports Group has agreed to sell the NHL’s Pittsburgh Penguins to the Chicago-based Hoffman Group. The sale is reportedly pending approval from the NHL’s Board of Governors. Multiple other outlets have confirmed the sale. The Hoffman Group, led by David Hoffman, has been interested in purchasing the Penguins for several months. In August, it was reported that Hoffman had emerged as a contender for a minority stake in the Penguins, competing with franchise legend Mario Lemieux, who had expressed interest in reacquiring the team. Instead of a minority piece, Hoffman will be acquiring the whole pie. FSG originally purchased the team in 2021 for a reported value of $900M, and is selling it only a few years later. According to Forbes, the Penguins are the 22nd-most valuable franchise in the league with an estimated value of $1.75B. TSN’s Pierre LeBrun believes that the final price will land between $1.7B and $1.8B. As for the new owners, there is little known aboutRead More