Fenway Sports Weighs Penguins Options Amid ‘Serious’ Suitor

Fenway Sports Group says it’s continuing to assess prospective investors interested in the Pittsburgh Penguins after a new report that the owners of minor league hockey team the Florida Everblades have “emerged as a serious contender” to buy the NHL team.

FSG has been exploring options for the Penguins for months, and in June told Front Office Sports it was specifically exploring the sale of a minority stake in the team, with a focus on “identifying a small, passive partner.” 

On Tuesday, however, FSG issued a new statement to FOS that no longer explicitly says the group is seeking a minority partner.

“Fenway Sports Group continues to evaluate potential equity partners to support the long-term growth of the Pittsburgh Penguins,” the statement says. “While the process remains active, there is nothing to confirm or discuss at this time.”

The new statement comes after multiple apparent suitors with an interest in buying the team outright have been reported on over the summer. First, it was reported that the Penguins’ former owners—team legend Mario Lemieux and American businessmen Ron Burkle and David Morehouse—were interested. 

On Monday, Sportsnet reported that the Chicago-based Hoffmann family, who owns the ECHL’s Everblades, is a “serious contender.” The Everblades ownership group is led by David Hoffmann, founder and chairman of the Hoffmann Family of Companies, who bought that team from former Hurricanes owner Peter Karmanos in 2019. His son Geoff Hoffmann, who is co-CEO of the family business, is expected to be involved in the potential purchase, according to Sportsnet.

Reports have said a deal for the Penguins could be valued at around $1.75 billion.

FSG, which also owns MLB’s Red Sox and the Premier League’s Liverpool FC, acquired the Penguins in late 2021 for $900 million, then a league record. That record has since been broken, and currently the largest-ever NHL team sale was last year’s deal for the Tampa Bay Lightning at a $1.8 billion valuation.

The Hoffmann family portfolio is not solely sports-focused, although it does own some assets in the sector. The family owns multiple golf clubs, including the Old Corkscrew Golf Club in Naples, Fla. It also owns Marco Island Water Sports in Naples, which offers experiences like WaveRunner tours and jet ski rentals. It also owns Hertz Arena, where the Everblades play.

Representatives for the Everblades and the Hoffmann Family of Companies did not immediately respond to requests for comment.

Editors’ note: RedBird Capital Partners owns a stake in Fenway Sports Group. RedBird IMI, in which RedBird Capital Partners is a joint venture partner, is the primary investor in Front Office Sports.