The Hoffmann Family of Companies, which is acquiring a controlling interest in the Pittsburgh Penguins, said its goal is to support Kyle Dubas with everything he needs to bring the team back to the top.
The Pittsburgh Penguins' ownership will soon look different.
The Hoffmann Family of Companies entered into a definitive agreement with Fenway Sports Group to acquire a controlling interest in the Penguins, both companies announced Friday. Reports of the acquisition surfaced on Wednesday.
The close of the transaction is subject to approval by the NHL Board of Governors and other customary approvals.
Fenway Sports Group will remain a minority shareholder for a period of time and continue to support key business areas as part of a phased transition. The Penguins' leadership structure will remain unchanged, according to the announcement.
"Hockey has always been a meaningful part of our family's story, which makes this an incredibly special opportunity," Geoff Hoffmann, CEO of Hoffmann Family of Companies, said in a statement. "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."
The Hoffmann family approached Fenway Sports Group with an offer worth serious consideration while the latter held a formal process to explore investor interest in the Penguins, according to FSG CEO Sam Kennedy.
"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," Kennedy said in a statement. "We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that’s been built."
The Hoffmann Family of Companies is a family-owned private equity enterprise of over 125 global brands in at least eight industry verticals, including media and marketing, hospitality and entertainment, aviation and transportation, real estate and more. It's headquartered in Chicago.
Brothers Geoff and Greg Hoffmann lead the multi-generational business, with Geoff overseeing the investments and Greg managing the real estate holdings.
In 2019, the family acquired the ECHL's Florida Everblades, which won the Kelly Cup in 2022, 2023 and 2024. The family also created the Type 1 Timer Hockey in 2022, a nonprofit hockey camp in North America dedicated to supporting young athletes with Type 1 diabetes.
"The franchise has thrived under the world-class leadership of Fenway Sports Group, and we are excited to build on that momentum," Hoffmann said. "Our goal is to support Kyle Dubas with everything he needs to bring the Penguins back to the pinnacle of the NHL."
Fenway Sports Group had acquired a controlling interest in the Penguins in 2021. It's a global sports, media, entertainment and real estate company which also owns the Boston Red Sox and Liverpool Football Club.
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