The Penguins have been sold!

After several reports alluding to the move earlier this week, it has been confirmed on Friday that the Hoffmann Family of Companies is acquiring a controlling interest in the franchise. The Hoffmann Family of Companies entered into a definitive agreement with Fenway Sports Group to acquire a controlling interest in the Penguins. The close of the transaction is subject to approval by the NHL Board of Governors and other customary approvals.

The sale price is believed to be around $1.7 billion dollars.

“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.”

As of now, Mario Lemieux is not part of the Hoffman plan, yet some insiders will say. He remains a limited partner with the Penguins. And that’s because Fenway never had any interest/intent of selling to either him or David Morehouse, the former team president who’d been trying with Mario to arrange a buyback of the franchise. Fenway Sports Group had acquired a controlling interest in the Penguins in 2021.

It is believed that Lemieux and the Hoffman people have been in contact.

When it comes to the Hoffman group, they did state that its goal is to support Kyle Dubas with everything he needs to bring the team back to the top.