The Pittsburgh Penguins officially have new owners.
In a release Tuesday, the National Hockey League board of governors unanimously approved the sale of the Pittsburgh team — moving ownership from Fenway Sports Group to the Hoffmann Family of Companies.
“This is a defining moment for our family,” Geoff Hoffmann, incoming governor of the Pittsburgh Penguins, said in the release. “The Penguins represent everything Hoffmann Family of Companies stands for — community, excellence, and long-term thinking. We look forward to building on the team’s success by providing support and resources to both Kyle Dubas and the hockey operations team, as well as the established leadership group on the business side. We’re proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community.”
The transaction is expected to close in the near future. The deal is valued at about $1.7 billion.
Financial terms, according to the release, were not publicly disclosed.
According to the release, the acquisition marks HF Companies’ most significant investment to date and “deepens an already-growing presence in Western Pennsylvania.”
The release continued, saying, “The firm owns Viking Plastics, headquartered in Meadville, Pennsylvania, and DHR Global, a leading executive search firm headquartered in Chicago with offices in both Pittsburgh and Philadelphia.”
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