The NHL Board of Governors unanimously approved the sale of the Pittsburgh Penguins Tuesday, ending the four-plus year ownership tenure of Fenway Sports Group. The enterprise value in the deal was $1.7 billion, according to someone familiar with the agreement.
Geoff Hoffmann will be the Penguins governor. He is CEO of of the private equity arm of Hoffmann Family of Companies, which was founded by his father, David. Hoffmann is a family-owned private equity firm comprising more than 200 brands that employ 27,000 employees in 30 countries. David made his first fortune as the founder of search firm DHR Global in 1989 and is worth $2.6 billion, per Forbes. Geoff still serves as chairman of DHR.
The Hoffmanns bought the ECHL’s Florida Everblades in 2019 from former Carolina Hurricanes owner Peter Karmanos Jr.
In January 2025, FSG hired Allen & Company and CAA to explore a minority stake in the franchise, but it pivoted to a majority transaction during the course of the year. FSG bought the Penguins in late 2021 for $900 million to expand its sports portfolio, which already included MLB’s Boston Red Sox, the EPL’s Liverpool FC, NASCAR’s RFK Racing and regional sports network NESN.
FSG and the Hoffmanns reached an agreement in December. Fenway will remain a minority shareholder for a period of time, and NESN will continue to operate the team’s TV home, SportsNet Pittsburgh, although the RSN equity transfers to the Hoffmanns as part of the deal. The price is the second highest ever for an NHL team, a tick behind the 2024 sale of the Tampa Bay Lightning to a group of investors led by Doug Ostrover and Marc Lipschultz at a $1.8 billion valuation.
