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Penguins End Strange Chapter With Sale of Team

A new chapter begins for the Pittsburgh Penguins, marked by a $1.7 billion sale and renewed focus on hockey and the community.
Samuel Len|
Dec 12, 2024; Montreal, Quebec, CAN; View of a Pittsburgh Penguins logo on a jersey worn by a member of the team during the second period at Bell Centre. Mandatory Credit: David Kirouac-Imagn Images
Dec 12, 2024; Montreal, Quebec, CAN; View of a Pittsburgh Penguins logo on a jersey worn by a member of the team during the second period at Bell Centre. Mandatory Credit: David Kirouac-Imagn Images | David Kirouac-Imagn Images

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Pittsburgh Penguins

When Fenway Sports Group purchased the Pittsburgh Penguins in 2021 for roughly $900 million, the move was framed as stability meeting ambition. A powerful ownership group with deep pockets was stepping in to steward one of the NHL’s proudest franchises through the twilight of the Sidney Crosby era.

Five years later, that chapter is already closed. FSG is selling the Penguins to the Chicago-based Hoffmann family for $1.7 billion, a price that landed exactly where Sportico valued the franchise at the start of the season.

The sale comes at a slightly odd time, with the Penguins going through one of their worst losing streaks in franchise history while Sidney Crosby sits just a single point away from the biggest milestone of his career.

On the ice, it was another story. Despite being supportive and willing to spend, the Penguins had their worst stretch of results since Crosby was drafted back in 2005, missing the playoffs for the last three years straight. For a franchise built on excellence and continuity, the disconnect was impossible to ignore.

The FSG Way: Business First, Hockey Second

FSG’s appointees to run the Penguins were business people first and hockey people second, and that was always the core issue. The group has enormous resources and has never been shy about spending money, but the Penguins were never the priority in the way the Boston Red Sox or Liverpool are.

From the start, the team felt like an investment, not a calling. FSG didn’t plant roots in Pittsburgh, and that matters in a sports city where hockey is more than just entertainment.

From a hockey operations standpoint, FSG didn’t make glaring mistakes. It allowed management to spend to the salary cap. Players were treated well. When it was time to move on from Ron Hextall, the decision was made. Hiring Kyle Dubas as general manager and president of hockey operations was widely viewed as a smart, progressive step. But something was still missing.

A Missing Connection to Pittsburgh

In his most recent article, Penguins beat writer Josh Yohe summed it up bluntly.

“For the past year, the Boston-based group hasn’t had anyone from ownership living in Pittsburgh. That’s not good for business,” Yohe wrote, noting that while FSG doubled its investment, it “never made a dent in the Pittsburgh community.”

Yohe also offered some free advice to the Pittsburgh Penguins' new owners: call the guy who wore No. 66.

FSG’s relationship with Mario Lemieux wasn't great to say the least. Lemieux hadn’t been around much, partly by choice after two decades as an owner, but also because of a behind-the-scenes financial dispute that lingered for nearly a year. When it ended, FSG reportedly offered Lemieux money for public appearances — a move that misunderstood both the man and the city.

Getting Lemieux on your side changes everything, and FSG never seemed to grasp that. According to hockey insider Frank Seravalli, Lemieux will retain his minority ownership share through the transaction, giving the Hoffmanns a chance to strengthen the team’s connection to Pittsburgh and build on what FSG couldn’t.

A Promising New Chapter For Pittsburgh

The Hoffmann family brings something Penguins fans have been craving: owners who know and love hockey. They own the Florida Everblades of the ECHL, a franchise that won three straight championships from 2022 to 2024. That matters.

Anyone who followed the team or understands sports probably had a gut feeling that the Pittsburgh Penguins being owned by “Fenway” Sports Group was never going to be a great fit. Now, that experiment is over.

For everyone involved, let’s hope the next chapter is warmer — and far more connected — than the cold, transactional one that just ended.

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Sam Len
SAMUEL LEN

Sam Len is a content editor, writer, and digital strategist with a lifelong passion for hockey. Growing up just north of Toronto, the game was never just background noise—it was part of everyday life. The Pittsburgh Penguins were the first team that captured his imagination, and he still remembers watching Sidney Crosby’s Golden Goal at the 2010 Olympics like it was yesterday. Over time, his love for the sport expanded to include the Tampa Bay Lightning, blending his appreciation for classic grit with modern speed and skill. Between 2024 and 2025, Sam worked as a content editor at Covers, where he helped shape sports and gaming content for top-tier brands including DraftKings, FanDuel, BetMGM, and Bet99. He’s also written for Bolts by the Bay and Pro Football Network, covering everything from Tampa Bay Lightning analysis to trending stories across the NHL, NFL, and NBA.

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