North American ice hockey’s NHL owners have approved the sale of the Pittsburgh Penguins to the Hoffman Family of Companies (HFC), the family-owned private equity firm of billionaire David Hoffman, ending Fenway Sports Group’s five-year ownership of the franchise.
The deal, valued at around $1.7 billion, will see Hoffman’s son, Geoff Hoffman, become the Penguins' governor and comes a year and a half after FSG hired Allen & Company and CAA to explore a minority stake in the franchise, which eventually pivoted to a majority stake during negotiations.
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FSG will remain a minority shareholder of the franchise, for now.
Although FSG and the Hoffmans reached a deal in December, the pair had to wait several months, for yesterday’s NHL Board of Governors meeting in New York, for final approval,
Geoff Hoffman, who also serves as chief executive of the HFC, said: “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 (general manager) 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 sale value sees FSG double its investment in five years, having acquired the Penguins in late 2021 for $900 million to add to its portfolio of sports properties, which included English soccer’s Liverpool FC, baseball’s Boston Red Sox, Nascar’s RFK Racing, and regional sports network NESN.
The reported $1.7 billion is the second-highest for an NHL team, behind the $1.8 billion sale of the Tampa Bay Lightning in 2024 to an ownership group led by Doug Ostrover and Mac Lipshultz.
NHL franchise values have skyrocketed since FSG bought the Penguins, with the average value jumping from $865 million in 2021 to $2.2 billion in 2025, according to Forbes.
As part of the agreement, NESN will continue to run the team’s local broadcast home, SportNet Pittsburgh. However, regional sports network equity has now transferred to the Hoffmanns as part of the agreement.
The deal represents the Hoffman family’s second investment into ice hockey, having already secured ownership of minor league ice hockey team, the Florida Everblades, and its home venue, Hertz Arena, in 2019 from former Carolina Hurricanes owner Peter Karmanos Jr.
The Penguins’ alternate governors will be Greg Hoffmann, chief executive of the HFC’s real estate arm and brother of Geoff, as well as David Hoffmann and Kyle Dubas, the Penguins’ president of hockey operations and general manager.
Meanwhile, following the Board of Governors meeting, NHL commissioner Gary Bettman announced the league will open a six-month process to evaluate a franchise expansion in either Houston or Austin, Texas.
Bettman unveiled the Friedkin family, led by Friedkin Group chief executive Dan Friedkin, as prospective owners of the Texas expansion franchise, which will be the league’s 33rd team.
The Friedkin family owns English soccer’s Everton FC and Italian soccer club AS Roma.
The league has now agreed with the family to explore the feasibility, with the family to pay around $3.5 billion to cover the expansion fee and cost of building a new arena, which both cities require.
It will be the second NHL franchise in Texas, with the Dallas Stars having played in the league under their moniker since 1993. The team is a member of the Central Division in the Western Conference.
Bettman said: “We have been in discussions for the better part of two years with the Friedkin family, principally for the last two years about Houston as an expansion opportunity.
“But as we continued to focus with them, particularly on the need for a new arena in Houston, the discussions morphed into also a discussion about Austin, which would also need a new building. But we are going to work together under the terms, a term sheet that we were able to agree upon, in terms of a framework to consider what makes the most sense moving forward.”
In a statement, the Friedkin family said: “Each city brings unique attributes that would make a new team a huge success. Both have the infrastructure, passionate fan bases, and economic strength needed to support a championship-caliber franchise for years to come.
“We have wanted for some time to bring an NHL team to Texas, and we are excited that the process has now begun. Selecting a new market for an NHL franchise is a special and important responsibility, and we are grateful to the League for their faith in us and their support.”
While Bettman announced the process, the league did not present it to the Board of Governors for a vote yesterday, so it is unclear if the move has the support of the other team owners.
Bettman added: “We're in lots of discussions, but they've got to progress to a certain level before you create a framework to actually see if it's something that's going to work.
“That doesn't rule in or rule out Atlanta or Arizona; it simply means they're on a slightly different track. Tomorrow we could all wake up, and they say, 'You know what, that looks so good we want to do the same thing.”
The NHL expanded to 32 teams ahead of the 2021-22 season, when the Seattle Kraken joined the league with an expansion fee of $650 million.
Elsewhere in the NHL, Canucks Sports & Entertainment (CSE), owners of the Vancouver Canucks, have announced a multi-year partnership with financial services firm Royal Bank of Canada (RBC) that spans its portfolio of sports properties.
The deal sees RBC named the official bank of CSE’s range of sports and entertainment properties, including the Vancouver Canucks (NHL) and its home venue Rogers Arena, as well as American Hockey League affiliate team, Abbotsford Canucks, and their home venue Rogers Forum.
As part of the deal, RBC gains sponsorship and marketing rights across the two sports properties and their venues, as well as jersey patch rights on the Vancouver Canucks home jersey from the 2026-27 NHL season.
RBC will also serve as the presenting sponsor of the Vancouver Canucks 2026-27 home opener and select Community Nights throughout the season.
Michael Doyle, CSE’s president of business operations, said: “RBC has been a trusted name in the lives of Canadians for generations, and we’re excited to welcome them as a new partner.
“We share a deep commitment to this city, to supporting local community organizations, and to creating exceptional experiences for our fans. We look forward to building on those shared values and making a meaningful impact together in the years ahead.”
The NHL 2026-27 regular season is expected to begin in September 2026, with the Stanley Cup playoffs to start in April 2027 before the finals next June.
