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Erik Karlsson Trade Talks Tied to Penguins Ownership Shake-Up

Originally posted on Athlon Sports | By Antonio Losada | Last updated Sep 5, 2025 9:30 AM ET

Erik Karlsson’s future with the Pittsburgh Penguins remains uncertain, and according to The Athletic’s Josh Yohe, the matter is tied to what happens with the franchise's owners.

Yohe provided an update on Karlsson's future on Thursday, linking it to ownership decisions in Pittsburgh as much as to the defenseman’s declining production and big contract.

While other franchises have shown interest in landing the former three-time Norris Trophy winner, his $11.5 million cap hit continues to make a deal difficult, according to Yohe.

"I’m somewhat surprised we’ve reached September with Erik Karlsson, Bryan Rust and Rickard Rakell still on this roster," Yohe wrote. "I believed Karlsson had the greatest chance to move this summer, and while I still feel that way, he’s also the most difficult of the three to trade."

Here’s the latest I’m hearing on a potential Erik Karlsson trade, the Penguins’ ownership situation and much more: https://t.co/G1StaJ7Ybc
— Josh Yohe (@JoshYohe_PGH) September 4, 2025

As for why the Penguins might find it had to trade the veteran, Yohe cited three reasons:

Karlsson carries around twice the cap hit of Rust and Rakell.
The blueliner is coming off two very disappointing seasons, scoring 56 points in 2024 and 53 last year.
Karlsson's contract includes a no-movement clause, giving him full leverage in trade talks.

The 35-year-old, who joined the Penguins in 2023 after a 101-point season with San Jose, has posted consecutive years of 56 and 53 points while finishing last season with a minus–24 rating after posting plus-4 two years ago.

Yohe said the Penguins’ front office sees a trade as the best option, but only if ownership is willing to retain salary.

"The Penguins are going to have to eat a considerable chunk of his salary to trade him, which begs the question: Is it worth it?" Yohe wrote. "Keep this in mind: A Penguins ownership change could impact a Karlsson trade. Will the potential new owners want to retain money on his contract? Will FSG want to retain money if it owns the Penguins for longer than expected?

"So, trading Karlsson is a little trickier than it seems on the surface."

Fenway Sports Group, which bought the Penguins in 2021, is exploring a sale to the Hoffmann Family of Companies.

Sportsnet's Elliotte Friedman discussed the potential sale on Aug. 23 , saying that if it happens, he doesn't expect it to affect Penguins general manager Kyle Dubas.

But as Yohe noted and regarding Erik Karlsson, the bigger question about any possible trade of the blueliner out of Pittsburgh will hinge on whether either group of owners will sign off on paying Karlsson to play elsewhere.

This article first appeared on Athlon Sports and was syndicated with permission.

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