Fenway Sports Group (FSG), the ownership group behind Liverpool FC and the Boston Red Sox, has sold NHL franchise Pittsburgh Penguins to the Hoffmann family in a deal worth $1.7 billion. The transaction, approved by the NHL’s Board of Governors, highlights the remarkable growth in the Penguins’ valuation over the past five years.
According to Sportico, FSG acquired the Penguins in 2021 for approximately $900 million. With the latest agreement valuing the franchise at $1.7 billion, the group has nearly doubled its investment, generating an estimated $800 million increase in value.
The Hoffmann family is expected to maintain the club’s existing leadership structure. Kyle Dubas will remain in his role as general manager, while Teddy Werner will continue overseeing business operations on an interim basis until the transaction is fully completed.
The Penguins’ new owners are no strangers to professional sports. The Hoffmann family also owns the Florida Everblades, a franchise competing in the ECHL, the premier AA-level hockey league on the East Coast of the United States.
The deal further underscores the growing appeal of North American sports franchises as investment assets. Pittsburgh Penguins’ near doubling in value since 2021 reflects the continued rise in NHL team valuations and the increasing attractiveness of sports properties to long-term investors.