NHL Commissioner Gary Bettman said the Board of Governors had approved the sale of the Pittsburgh Penguins from Fenway Sports Group to the Hoffmann family. The deal, reached a year ago, is worth $1.7 billion to $1.75 billion.
“It’s nice that the Hoffmanns got a good deal, and it’s nice that Fenway in five years doubled its investment,” Bettman said. “I still think it’s low, but that’s OK.”
In a statement released by the team, incoming NHL governor Geoff Hoffmann called it a defining moment for his family.
“The Penguins represent everything Hoffmann Family of Companies stands for: community, excellence and long-term thinking,” Hoffman said. “We look forward to building on the team’s success by providing support and resources to both (general manager) Kyle Dubas and the hockey operations team, as well as the established leadership group on the business side. We’re proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community.”