Pittsburgh Penguins will be sold to Chicago-based investment group, reports say

PITTSBURGH — An agreement has been reached to sell the Pittsburgh Penguins.

According to multiple national reports, Fenway Sports Group has agreed in principle to sell the Penguins to the Chicago-based Hoffmann family for $1.7 billion dollars.

NHL insider Frank Seravalli reports that franchise legend Mario Lemieux will retain his minority share of the team.

Sounds like the Hoffmann family hasn't yet reached out to Mario Lemieux - who will retain his minority share through the transaction - but that Lemieux could be open to a larger presence around the team under new majority ownership. https://t.co/WXxbT0v1ck
— Frank Seravalli (@frank_seravalli) December 17, 2025

However, Lemieux could be open to a larger presence around the team under new majority ownership.

Back in August, there were reports that the Hoffmann family, which owns the ECHL’s Florida Everblades, was in the mix to buy the Penguins from FSG.

The deal will need approval from the NHL Board of Governors.

Channel 1’s Jenna Harner reached out to Fenway Sports Group. A spokesperson says they’ve seen the reporting, and there is no formal agreement in place to confirm or announce at this time.

Seravalli reports that an official announcement is expected in the coming days.

PREVIOUS COVERAGE >>> Pittsburgh Penguins sale: Fenway Sports Group reaches agreement to buy team

Fenway Sports Group purchased the Penguins in 2021 for $900 million from Ron Burkle and Lemieux, who bought the team and saved it from bankruptcy in 1999.

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