The Pittsburgh Penguins might soon have new faces in their ownership group, with a fresh bidder joining the race alongside team legend Mario Lemieux.
The Florida-based Hoffmann family has emerged as a potential buyer for a stake in the Penguins, according to Sportsnet insider Elliotte Friedman. David Hoffmann and his son Geoff, who already own the ECHL’s Florida Everblades, are looking to add the NHL team to their portfolio.
It’s a big-money game they’re getting into.
The Penguins’ value has skyrocketed to around $1.75 billion – nearly double what current owner Fenway Sports Group (FSG) paid when they bought the team from Lemieux in 2021 for $900 million.
That price tag might be a stretch even for the Hoffmanns, whose family wealth is estimated at about $2 billion. They’d likely need partners or financing to make it work.
FSG’s potential willingness to sell after just four years isn’t totally out of character. They’ve done quick flips before – buying the Miami Marlins for $150 million in 1999 and selling them three years later for a tidy profit.
But here’s the catch: Nobody’s sure if FSG wants to sell the whole team or just a piece of it.
Mario Lemieux, the face of Pittsburgh hockey for decades, isn’t sitting this one out. He and his group have already shown interest in buying back into the team they sold to FSG.
Given Lemieux’s deep ties to the Penguins – from saving them as a player-owner to building them into a powerhouse – he might have the inside track despite the Hoffmanns’ interest.
The deal’s still in its early stages, with plenty of details to work out. But one thing’s clear: The Penguins’ ownership situation is about to get interesting.
