Fenway Sports Group to Sell Penguins to New Chicago-Based Owners

The conglomerate has owned the team for most of the 2020s.

The Penguins reportedly will gain new ownership soon. / Charles LeClaire-Imagn Images

Chicago's Hoffmann family plans to purchase the Penguins from Fenway Sports Group, according to Wednesday afternoon reports from Emily Kaplan of ESPN and veteran NHL reporter Frank Seravalli.

Fenway Sports Group has owned Pittsburgh since 2021, when it purchased the franchise from businessman Ron Burkle and Hall of Fame center Mario Lemieux—a duo credited with preserving the Penguins amid bankruptcy and relocation speculation in the early 21st century.

Under FSG's stewardship, Pittsburgh made just one playoff appearance, losing to the Rangers in the first round in 2022. The team won three Stanley Cups with Burkle and Lemieux in charge, most recently over the Predators in 2017.

The Hoffmann family is a private-equity firm with hands in a number of different industries, including finance, hospitality, media and real estate. They will reportedly purchase the Penguins for twice their $900 million '21 valuation.

Pittsburgh is 14-9-9 season, fifth in the NHL's Metropolitan Division.

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