The Pittsburgh Penguins officially have new owners, and they were introduced to the city on Thursday.The Hoffmann Family of Companies — led by brothers Geoff and Greg and father David — bought the Penguins from Fenway Sports Group. The National Hockey League approved the sale earlier this week.”It is a storied franchise in a lot of different ways. There’s certainly been some ups and downs on the business side of the organization, and I’m here to tell you that has come to an end,” Geoff Hoffmann said during a news conference at PPG Paints Arena. “We are long-term thinkers. This is not an investment for us, like as you think about a financial investment. This is a commitment to a city. It’s a commitment to an organization. The Penguins are going to be in Pittsburgh and always going to be in Pittsburgh as long as the Hoffmanns are part of it, and the Hoffmanns plan to be a part of this for generations to come.”The transaction is expected to close in the near future. Financial terms were not announced, but the deal is reportedly valued at about $1.7 billion.PPG Paints Arena, now 15 years old, will see some upgrades as the Hoffmanns take over the Penguins franchise.”We’re happy with the facility. It’s very well managed, very well run, clean, and a good fan experience, but I think with some improvements and modernization, we can make it an elite fan experience and we absolutely plan to do that,” Geoff Hoffmann said. “The specific timeline, I couldn’t really give you right now. We have worked with a couple different architectural firms that have some things that are completed that need refinement. When they actually get put into place remains to be seen, but this is not going to be five years from now.”Hopefully within like a 12- to 18-month timeline is when we’ll start swinging hammers would be my expectation, if not sooner. I don’t quite know yet if it’s going to be phased with different levels of what we’re going to do. We have to iron out those details. We plan on kind of touching pretty much every corner of the arena to make sure that it stays best in class.”With a change in ownership, a return for Mario Lemieux could be possible. The Penguins franchise icon and former owner had a strained relationship with FSG.”Mario and I have spent some time together. He has been as good as advertised, just a great, great guy. I’m really hopeful that he will be a part of this in whatever way, shape or form makes sense for him,” Geoff Hoffmann said. “We would love for him to be a part of it. We know what he means to hockey, to the Penguins, to the city and to the NHL, and I think everybody would embrace him with open arms, especially the three of us up here.”The Hoffmanns say they also want to be involved in development of the Lower Hill District and build a downtown hotel.According to a statement from the Hoffmann Family of Companies, the acquisition of the Penguins “deepens an already-growing presence in Western Pennsylvania.”The release continued, saying, “The firm owns Viking Plastics, headquartered in Meadville, Pennsylvania, and DHR Global, a leading executive search firm headquartered in Chicago with offices in both Pittsburgh and Philadelphia.”Download the WTAE app to stay connected with breaking news. Sign up for our email newsletters to get breaking news in your inbox.

PITTSBURGH —

The Pittsburgh Penguins officially have new owners, and they were introduced to the city on Thursday.

The Hoffmann Family of Companies — led by brothers Geoff and Greg and father David — bought the Penguins from Fenway Sports Group. The National Hockey League approved the sale earlier this week.

“It is a storied franchise in a lot of different ways. There’s certainly been some ups and downs on the business side of the organization, and I’m here to tell you that has come to an end,” Geoff Hoffmann said during a news conference at PPG Paints Arena. “We are long-term thinkers. This is not an investment for us, like as you think about a financial investment. This is a commitment to a city. It’s a commitment to an organization. The Penguins are going to be in Pittsburgh and always going to be in Pittsburgh as long as the Hoffmanns are part of it, and the Hoffmanns plan to be a part of this for generations to come.”

The transaction is expected to close in the near future. Financial terms were not announced, but the deal is reportedly valued at about $1.7 billion.

PPG Paints Arena, now 15 years old, will see some upgrades as the Hoffmanns take over the Penguins franchise.

“We’re happy with the facility. It’s very well managed, very well run, clean, and a good fan experience, but I think with some improvements and modernization, we can make it an elite fan experience and we absolutely plan to do that,” Geoff Hoffmann said. “The specific timeline, I couldn’t really give you right now. We have worked with a couple different architectural firms that have some things that are completed that need refinement. When they actually get put into place remains to be seen, but this is not going to be five years from now.

“Hopefully within like a 12- to 18-month timeline is when we’ll start swinging hammers would be my expectation, if not sooner. I don’t quite know yet if it’s going to be phased with different levels of what we’re going to do. We have to iron out those details. We plan on kind of touching pretty much every corner of the arena to make sure that it stays best in class.”

With a change in ownership, a return for Mario Lemieux could be possible. The Penguins franchise icon and former owner had a strained relationship with FSG.

“Mario and I have spent some time together. He has been as good as advertised, just a great, great guy. I’m really hopeful that he will be a part of this in whatever way, shape or form makes sense for him,” Geoff Hoffmann said. “We would love for him to be a part of it. We know what he means to hockey, to the Penguins, to the city and to the NHL, and I think everybody would embrace him with open arms, especially the three of us up here.”

The Hoffmanns say they also want to be involved in development of the Lower Hill District and build a downtown hotel.

According to a statement from the Hoffmann Family of Companies, the acquisition of the Penguins “deepens an already-growing presence in Western Pennsylvania.”

The release continued, saying, “The firm owns Viking Plastics, headquartered in Meadville, Pennsylvania, and DHR Global, a leading executive search firm headquartered in Chicago with offices in both Pittsburgh and Philadelphia.”

Download the WTAE app to stay connected with breaking news. Sign up for our email newsletters to get breaking news in your inbox.