Penguins Acquire New Billion-Dollar Owners
NHL Approves Hoffmann Family's $1.8 Billion Acquisition of Pittsburgh Penguins from FSG
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Key Points
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HF Companies' portfolio spans multiple industries and includes Viking Plastics (Meadville, PA), DHR Global (executive search with offices in Pittsburgh and Philadelphia), and the Florida Everblades (an ECHL team).
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HF Companies operates as a global enterprise, with more than 200 brands across 400 locations in 30 countries and more than 27,000 employees, and has completed five acquisitions in the current calendar year.
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No Hoffmann family members were present at the NHL Board of Governors meeting; Sam Kennedy (FSG) and Teddy Werner attended the meeting on behalf of the Penguins' current ownership.
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The Florida Everblades’ ECHL affiliation with the St. Louis Blues ended after the 2025-26 season, with the Worcester Railers taking over as the Blues’ ECHL affiliate.
The NHL Board of Governors unanimously approved the sale of the Pittsburgh Penguins to the Hoffmann Family of Companies on June 23, 2026, ending Fenway Sports Group's five-year ownership run. The New York Times reported the deal values the franchise at roughly $1.7 billion — nearly double what FSG paid in 2021.
Closing is expected imminently, with league officials targeting completion before the 2026 NHL Draft, according to Pro Hockey Rumors. Fenway Sports Group will remain a minority owner during a phased transition, largely to manage Sportsnet Pittsburgh.
Hoffmanns Pay $1.7B for a Franchise Worth $900M in 2021
FSG bought the Penguins for roughly $900 million in November 2021 from a group led by Mario Lemieux and Ron Burkle. The Hoffmann deal, at an estimated $1.7 to $1.8 billion, hands FSG a profit of around $800 million — a fact that drew sharp criticism from local officials, according to The Hockey News.
The Pittsburgh Sports and Exhibition Authority board formally consented to the sale in March 2026 but did not hold back. Executive Director Aaron Waller accused FSG of 'profiteering,' saying the group cashed out without fully delivering on redevelopment promises near the former Civic Arena site.
Who Are the Hoffmanns? A Western Pennsylvania Power Player
HF Companies is led by founder and Chairman David Hoffmann. Geoff Hoffmann, the CEO of the firm's private equity arm, will serve as Governor. Greg Hoffmann will serve as an Alternate Governor alongside Kyle Dubas, who is confirmed to stay on as President of Hockey Operations, according to Audacy.
HF Companies operates more than 200 brands across 400 locations in 30 countries, with over 27,000 employees. Their portfolio includes Viking Plastics in Meadville, Pennsylvania, DHR Global executive search — with offices in Pittsburgh and Philadelphia — and the Florida Everblades, an ECHL hockey team with four Kelly Cup titles in the last five years.
Mario Lemieux Rumors and the Everblades Affiliation Question
Speculation is swirling about Mario Lemieux potentially rejoining the ownership group as a minority partner or advisor. The Hockey News noted he remains a peripheral figure, though no formal deal has been announced. No Hoffmann family members attended the Board of Governors meeting — Sam Kennedy and Teddy Werner of FSG represented the Penguins.
The Florida Everblades' ECHL affiliation with the St. Louis Blues ended after the 2025-26 season, with the Worcester Railers taking over that spot. That opens the door for the Everblades to potentially become Pittsburgh's new ECHL affiliate, which could displace the Wheeling Nailers. No decision has been announced yet.
Penguins' Future: Dubas Stays, Hoffmanns Promise Full Support
Geoff Hoffmann set the tone early. He said: "The Penguins represent everything Hoffmann Family of Companies stands for — community, excellence and long-term thinking." The Hoffmanns have pledged to give Dubas all the resources he needs to return the team to contender status, according to Audacy.
National analysts at The New York Times noted this acquisition is HF Companies' largest investment to date and their fifth completed deal in 2026 alone. Some observers have raised quiet concern about whether the family has the same financial depth as FSG, which is also co-owner of the Boston Red Sox and Liverpool FC. The Hoffmanns, for their part, are framing this as a long-term community commitment — not a financial flip.
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