Hoffmann Family, Fenway Sports Group Announce Deal For Controlling Interest In Penguins

Hoffmann Family of Companies is set to acquire a controlling interest in the Pittsburgh Penguins from Fenway Sports Group.

The Hoffmanns and FSG released the following joint statement early Friday evening:

Fenway Sports Group (FSG) and Hoffmann Family of Companies today announced that they have entered into a definitive agreement for the Hoffmanns to acquire a controlling interest in the Pittsburgh Penguins. Headquartered in Chicago, Ill., the Hoffmann family have built a diverse portfolio of operating businesses and commercial real estate holdings and are also owners of the Florida Everblades of the ECHL. The close of the transaction is subject to approval by the National Hockey League (NHL) Board of Governors and other customary approvals for a transaction of this kind.

“During a formal process to explore investor interest in the Pittsburgh Penguins, we were approached by the Hoffmann family with an offer that warranted serious consideration,” said Sam Kennedy, CEO of Fenway Sports Group. “From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest. We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that’s been built. 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. We are proud of the strong foundation we’ve built, and with Kyle Dubas continuing to lead hockey operations, the Penguins are well positioned to carry out the plan in place to reclaim their place as perennial Stanley Cup contenders.”

Hoffmann Family of Companies is a rapidly expanding, family-owned private equity enterprise of over 125 global brands led by brothers Geoff and Greg Hoffmann. Geoff oversees the family’s private equity investments and Greg managing its real estate holdings. In addition to their business ventures, the Hoffmann’s acquired the Florida Everblades of the ECHL in 2019 and are deeply committed to community impact, contributing millions annually to nonprofits across the country. Their philanthropic efforts include the creation of Type 1 Timer Hockey in 2022 by Geoff Hoffmann and his wife, the only nonprofit hockey camp in North America dedicated to supporting young athletes with type 1 diabetes.

“Hockey has always been a meaningful part of our family’s story, which makes this an incredibly special opportunity,” said Geoff Hoffmann, CEO of Hoffmann Family of Companies. “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. From our earliest conversations, we saw how deeply the Penguins are woven into the fabric of Pittsburgh. We are honored to join that tradition and excited to become an active part of the community.

“The franchise has thrived under the world-class leadership of Fenway Sports Group, and we are excited to build on that momentum. Our goal is to support Kyle Dubas with everything he needs to bring the Penguins back to the pinnacle of the NHL. We look forward to working alongside the exceptional leadership team already in place, strengthening our connection with Penguins fans, and ensuring the franchise remains a source of pride for the city for generations to come.”

FSG, which acquired a controlling interest in the Penguins in 2021, will remain a minority shareholder for a period of time and continue supporting key business areas, including sponsorship sales and regional sports network management, as part of a phased transition. The Penguins’ leadership structure will remain unchanged, with the full executive team continuing in their current roles to ensure stability and consistency. At the helm of hockey operations, Kyle Dubas will continue to set the vision and oversee all aspects of the team’s on-ice strategy in his role as President of Hockey Operations and General Manager. Teddy Werner will continue to serve as Interim President of Business Operations through the close of the transaction. Upon completion of the deal, Geoff Hoffmann will serve as team Governor, alongside Alternate Governors Greg and David Hoffmann, and will play an active role in guiding the club’s business operations.

Allen & Co. and CAA Evolution served as financial advisors to FSG on the transaction. Allen Overy Shearman Sterling LLP served as legal advisor to FSG.