Penguins could be purchased by Chicago-based family

The Pittsburgh Penguins are headed into a deep rebuild, even with Sidney Crosby still on the squad. They are looking to build through the draft and could be trading more veterans before the season begins. Fenway Sports Group is looking to complete a sale of the Penguins, and the Hoffmann family from Chicago has emerged as a potential buyer. Sportsnet’s Elliotte Friedman reported the latest on Monday.

“The Chicago-based Hoffmann family, owners of the ECHL’s Florida Everblades, has emerged as a serious contender to purchase the NHL team from Fenway Sports Group,” Friedman reported. “David Hoffmann, founder and chairman of the Hoffmann Family of Companies, bought the Everblades from former Carolina Hurricanes owner Peter Karmanos in 2019. He told the Naples Daily News at the time that he’d looked into buying both NHL and NBA teams.”

The Penguins were sold to Fenway Sports Group in November 2021 for $900 million. Friedman reported that the sale price this time around could be $1.75 billion. That would be quite the return on investment for the group that also owns the Boston Red Sox and Liverpool FC.

The Penguins have spent to the cap frequently in the Crosby era and got three Stanley Cups out of it. But when Fenway Sports Group bought them, they were on the way out of their competitive window. Crosby has been incredible, even into his late 30s, but the rest of the core has not aged as well. Despite the solid years from their captain, the Penguins have not made the playoffs since 2022.

Hoffmann has turned the Florida Everblades into an ECHL juggernaut, with three consecutive titles from 2022-24. Their quest for a fourth straight title was cut short in the Eastern Conference Final last year. The Penguins could use some of that success on their NHL squad with younger players coming through the pipeline soon.

Fenway Sports Group has been in the news this year. The Red Sox traded Rafael Devers and Liverpool signing Florian Wertz for 125 million Euros. This should put more cash into both of those organizations.