Hoffmann Family of Companies buys Pittsburgh Penguins in $1.75B sale, eyes Everblades affiliation
PITTSBURGH —
One of the most successful sports ownership groups just got a little bigger.
Hoffmann Family of Companies founder and chairman David Hoffmann said, “I think sports is a big part of my life, it always has been, it has been of Sean’s too, and it’s just something that’s in our blood.”
Since the Hoffmann Family of Companies purchased the Florida Everblades in August 2019, the team has achieved steady success.
Four Kelly Cups in five seasons, but now a new chapter is here for this Private Equity Firm.
The Hoffmann family has purchased the Pittsburgh Penguins for a price of $1.75 billion, the second-largest purchase price ever for an NHL franchise, but this decision is about more than just owning a team.
Geoff Hoffmann, incoming governor of the Pittsburgh Penguins, said, “This is not an investment for us as you think of a financial investment. This is a commitment to a city. The Penguins are going to be in Pittsburgh and will always be in Pittsburgh as long as the Hoffmanns are a part of it and the Hoffmanns plan to be a part of this for generations to come.”
During a media briefing, the new ownership group said that they will own the Penguins and their AHL affiliate, while also retaining the rights to the Florida Everblades.
The Everblades are still without a professional affiliate after the St. Louis Blues agreed to a deal with Worcester, and with the Penguins’ 29-year affiliation with Wheeling set to expire, the writing appears to be on the wall for the Hoffmanns’ hockey teams.
When asked, ‘Do you want the Everblades to be affiliated with the Penguins?’ David Hoffmann said, “One-hundred percent. I think they would run me out of Naples if they’re not. We already have people wearing Penguins jerseys at our games, so I think that there is a high expectation that will happen.”
The Hoffmann family said we should expect clarity on the ECHL level over the next few weeks.
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