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Fenway Sports Group’s sprawling sports empire is set for another reshuffle with the Hoffman Family making a major acquisition from the Boston-based group.
The Liverpool principal owners is best known for owning the Boston Red Sox, having bought the MLB franchise back in 2001 for around $700 million, alongside the iconic Fenway Park and a wider portfolio of Boston-based sports and entertainment assets.
They also control Liverpool FC, RFK Racing in NASCAR – where FSG holds a 50% stake in the rebranded Roush Fenway Keselowski operation – plus a majority share in regional broadcaster NESN.
FSG then entered the hockey world in November 2021, completing a deal reported at around $900 million to acquire a controlling stake in the Pittsburgh Penguins, later seeing the franchise valued just shy of the $1 billion mark by Forbes.
Now The Hoffmann Family of Companies has now received unanimous approval from the NHL Board of Governors to acquire the Penguins, with the transaction expected to close imminently and financial terms remaining undisclosed.
The Pittsburgh Penguins have officially confirmed the deal. A statement from the club read that the “financial terms” of the deal are bveing kept private:
“Hoffmann Family of Companies (“HF Companies”), the U.S.-based family-owned firm, today announced it has received unanimous approval from the NHL Board of Governors to acquire the Pittsburgh Penguins, one of the National Hockey League’s most storied and celebrated franchises. The transaction is expected to close imminently; financial terms were not disclosed.”
There have been widespread reports suggesting the acquisition would go through, and now it finally has.
Geoff Hoffmann, CEO of the group’s private equity arm, will serve as club Governor, joined by Greg Hoffmann, Kyle Dubas and David Hoffmann as Alternate Governors, signalling a hands-on family and executive presence at the top of the organisation.
Founded in 1989, HF Companies has grown into a global enterprise with more than 200 brands across 400 locations in 30 countries, employing over 27,000 people and already boasting hockey credentials through ownership of the ECHL’s Florida Everblades.