Hello Geoff Hoffmann, goodbye Fenway Sports Group. Tuesday, the Pittsburgh Penguins announced the Hoffmann Family of Companies received unanimous approval from the NHL Board of Governors to purchase the team.
The purchase process has been ongoing since last August. In a press release from the Hoffmann Family of Companies:
Geoff Hoffmann, CEO of HF Companies’ Private Equity arm will serve as Governor. Greg Hoffmann, CEO of the firm’s Real Estate arm; Kyle Dubas, General Manager & President of Hockey Operations of the Pittsburgh Penguins; and David Hoffmann, Founder & Chairman of HF Companies, will each serve as Alternate Governors.
“This is a defining moment for our family,” said Geoff Hoffmann. “The Penguins represent everything Hoffmann Family of Companies stands for — community, excellence and long-term thinking. We look forward to building on the team’s success by providing support and resources to both 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.”
The purchase price is believed to be in the $1.7 billion range but has not been officially announced. FSG turned a tidy profit as they purchased the Penguins for about $900 billion in 2021 but immediately fell out of favor with Penguins fans over a row with Mario Lemieux, despite FSG’s large expenditures on player salaries and funding Dubas’s organizational improvements.
The Penguins immediately become the largest asset owned by the Hoffman Family, but they also own the Florida Everglades of the ECHL.
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