Four years ago, Fenway Sports Group purchased a controlling stake in the Pittsburgh Penguins. In that time, the Penguins entered a rebuild and attendance numbers staggered. Now, per ESPN, FSG is looking to sell their share.
Yesterday, NHL insider Elliotte Friedman revealed that a potential buyer has emerged: the Hoffmann family. The Hoffmann family, a Chicago-based group, owns notable brands like 5 Star Valet and Stan’s Coffee. They are the current owner of the Florida Everblades, the ECHL team for the St. Louis Blues.
An anonymous source told Josh Yohe of the Athletic that a sale is certainly possible. “I would say there will probably be a sale if that price is met.” According to the source, the Penguins aren’t as profitable as other FSG teams like Liverpool Football Club and the Boston Red Sox. FSG’s asking price for their stake in the Penguins is around $1.75 billion: nearly double what they paid in 2021.
Lemieux Wants Majority Ownership of the Penguins
Last month, TSN insider Pierre LeBrun broke the news that Penguins franchise legend Mario Lemieux wants to purchase the Penguins again. “Hearing from sources that the group of Ron Burkle, Mario Lemieux and David Morehouse are investigating the possibility of buying back the Penguins from Fenway Sports,” LeBrun said. “Burkle and Lemieux sold the Penguins to Fenway in 2021. Fenway has been looking to sell a partial share.”
Lemieux, however, is not interested in becoming minority owners of the team. Lemieux owned the Penguins from 1999 through 2021. The ownership group revealed to Sports Business Journal that Lemieux is eager to return to the NHL in an ownership capacity.
The Lemieux group, per sources, is interested in buying the team back for more than its selling price. Having said that, the Lemieux group has “neither made an offer nor discussed one with FSG”. Still, the source goes on to mention that “it is expected that such a conversation will take place soon”.
Lemieux has stressed that he and former co-owner Ron Burkle are “all or nothing” with the purchase.
Hoffmann Family Interested in NHL Franchise
The Hoffmann family, on the other hand, have publicly stated their interest in owning an NHL franchise. They purchased the Florida Everblades from Carolina Hurricanes owner Peter Karmanos in 2019. Since then, the Everblades have gone on to win three Kelly Cups in a row from 2022-2024. They’re the first group outside the Lemieux group to express interest in owning the Penguins.
FSG, rather than selling their ownership outright, want to bring someone in as a partner for the Penguins. Pittsburgh Hockey Now revealed an internal email from FSG stating that they aren’t looking to outright sell their stake. “FSG is currently engaged in a process to explore a potential minority investment in the Pittsburgh Penguins,” the email stated. “The focus is on identifying a small, passive partner, and that is the current framework under discussion with potential investors.”
Per Friedman, a deal isn’t close to completion. There is still “work to do” if FSG wants to sell to the Hoffmann family or the Lemieux group.
Penguins Potential Buyer Emerges: Report