The Penguins' Next Owner: A Letter of Intent May Already Be Signed
Photo credit: NHL.com
A report from the Pittsburgh Post-Gazette reveals the Hoffmann Family has a decisive lead on the group led by Mario Lemieux, and a letter of intent may be signed.
A few days back, Sportsnet's Elliotte Friedman reported that a new potential buyer of the Pittsburgh Penguins had emerged in the Hoffmann Family of Companies.
The Pittsburgh Post-Gazette's Jason Mackey and Matt Vensel soon listed as an added detail that the agreement could be further advanced than had initially been reported.
According to their report and other sources, the Hoffmann Family is reported to have a significant edge on the other suitor group led by franchise legend Mario Lemieux.
The Hoffmanns are even reportedly willing to pay the $1.75 billion price tag required by Forbes, an amount that has likely already talked Fenway Sports Group (FSG) into selling its entire share.
A letter of intent is even reportedly already signed between the Hoffmann Family and FSG, according to some sources.
"The sources listed by Mackey and Vensel believe that the Hoffmann Family has already signed a letter of intent with FSG."
- Pro Hockey Rumors
- Pro Hockey Rumors
A Letter of Intent Doesn't Mean That a Deal is Done
Though earnest, a letter of intent is not a done deal. Instead, it gives a prospective purchaser some exclusive negotiating time and the ability to examine the squad's finances in great depth.
Since the Hoffmann Family seems willing to pay the asking price in full, though, it will be difficult for another bidder to top a higher offer.
If these rumors prove true, the Penguins would soon be on the verge of another major ownership change, one that could shape the future of the franchise for years to come.
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