The Pittsburgh Penguins will soon be under new ownership.

Fenway Sports Group has an agreement in place to sell the Penguins to the Hoffmann Family of Companies, a Florida-based investment firm, according to a news release from the Hoffman family. A sale price was not immediately disclosed, and the deal is subject to league approval. 

The news release said FSG "will remain a minority shareholder for a period of time and continue supporting key business areas" during a "phased transition." The Penguins' leadership structure will "remain unchanged."

"It has been an honor to be part of the Penguins' story, working alongside a world-class leadership team, passionate fans, and a dedicated community," said Sam Kennedy, CEO of Fenway Sports Group, in the news release.

Fenway Sports Group purchased the Penguins from the Lemieux Group in 2021 for $950 million. The Penguins were valued at $1.75 billion according to Forbes' 2025 valuations of National Hockey League teams.

In addition to owning the Penguins and Liverpool FC of the English Premier League, FSG also owns the Boston Red Sox of Major League Baseball, RFK Racing of NASCAR, and Boston Common Golf of Tomorrow's Golf League.

Who is the Hoffmann Family of Companies?

The Hoffmann Family of Companies is involved with several businesses, including agriculture, aviation, transportation, financial services, hospitality, and entertainment.

In 2019, the Hoffmann Family of Companies purchased the ECHL's Florida Everblades, a professional hockey team two rungs under the NHL. Since purchasing the Everblades, the team has been one of the league's most successful, winning three straight championships from the 2021-22 season until the 2023-24 season.

The Everblades have also topped an average attendance of 6,000 in the past three seasons while playing in an arena that seats just over 7,100.

"Hockey has always been a meaningful part of our family's story, which makes this an incredibly special opportunity," said Geoff Hoffmann, CEO of the Hoffmann Family of Companies, in the news release. "We've long admired the Pittsburgh Penguins – not just for their championship legacy and history, but for the culture, passion, and loyalty that define the organization."

Along with owning the Everblades, the Hoffmann family is affiliated with Type 1 Timer Hockey, a non-profit organization focused on hockey players who have been diagnosed with Type 1 diabetes. The group hosts camps for youth hockey players that include on-ice sessions as well as off-ice guidance from several different experts.

Lemieux Group reportedly showed interest

As talks swirled over the summer months regarding a potential sale, Penguins legend Mario Lemieux also reportedly showed interest in re-acquiring the franchise; however, Lemieux's bid reportedly did not come close to what the team's estimated asking price was likely worth.

Lemieux and Ron Burkle owned the Penguins from 1999 to 2021.