After four years, the Pittsburgh Penguins seem set for an ownership change.
On Wednesday, it was reported that Fenway Sports Group (FSG), who purchased the Pittsburgh Penguins in 2021, would sell the team to the Hoffmann Family, a private-equity conglomerate of companies that also holds a stake in the ECHL's Florida Everblades.
Besides the Penguins, Fenway Sports Group owns MLB's Boston Red Sox, their home stadium Fenway Park, and their spring training ground Fenway South. FSG also owns football club Liverpool FC in the Premier League, NASCAR's RFK Racing, and Boston Common Golf of the TGL. The company also maintains ownership of broadcasting corporations NESN and SportsNet Pittsburgh.
When the Penguins were sold in 2021 to Fenway Sports Group, the sale was for around $900 million. The asking price for FSG's prospective transaction could stand at around $1.8 billion USD, which would be double the amount that the company paid to acquire ownership of the team.
The increase in value comes as the Penguins' ongoing postseason drought has surpassed three seasons; their last playoff appearance, a seven-game first-round loss to the New York Rangers, came in the 2021-22 season. Having already traded goaltender Tristan Jarry to Edmonton, and with rumours swirling about longtime franchise cornerstones Evgeni Malkin and Sidney Crosby potentially on the trading block as well, there's a good chance that Pittsburgh's playoff drought could hit four seasons.
Despite an agreement in principle being in place, the sale cannot be made official until it is voted on by the NHL's Board of Governors.
The Penguins' first game following the announcement of the transaction is set for Thursday evening against the Ottawa Senators.