Fenway Sports Group selling Penguins to Chicago-based Hoffmann family for $1.7 billion, per reports

For the second time in the last five years, ownership of the Pittsburgh Penguins is changing hands. Fenway Sports Group (FSG) is selling the franchise to the Chicago-based Hoffmann family investment group, per NHL insider Frank Seravalli.

The sale price is $1.7 billion, according to Elliotte Friedman of Sportsnet. That comes in exactly where Sportico valued the Penguins at the start of the season, which was a 16% increase from the previous year.

FSG, which is led by co-founder John Henry, just purchased the Penguins back in 2021 when it struck a deal with the former ownership group led by franchise legend Mario Lemieux. Back in July, The Athletic reported that Lemieux was "very interested" in regaining his controlling stake in the team. However, that bid apparently fell short as FSG accepted the Hoffmann family bid.

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Although it is selling the Penguins, FSG still owns some of the biggest brands in international sports, including the Boston Red Sox, Liverpool and Roush Fenway Keselowski Racing.

David Hoffmann is the founder and chairman of the Hoffman Family of Companies, and this is not the group's first foray into hockey. The investment company also owns the Florida Everblades of the ECHL, as well as Hertz Arena, where the Everblades play in Estero, Florida.

This sale comes when the Penguins are in a period of transition on the ice. In 2023, the team's streak of 16 straight postseason appearances came to an end, and Pittsburgh hasn't returned to the playoffs since. Franchise legends like Sidney Crosby, Evgeni Malkin and Kris Letang are in the twilight of their careers, and the Penguins may soon be forced to usher in an entirely new era as they slip out of the playoff picture this season.