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Updated financial picture emerges in Pittsburgh Penguins ownership sale
Earlier today, details emerged that the Penguins were sold to the Hoffmann family, and now details of the exact financial picture have come into focus.
The sale of the Penguins is beginning to narrow down into a clearer financial picture.
Sources around the league told TSN Hockey Insider Pierre LeBrun that Fenway Sports Group has agreed to sell the team to the Hoffmann family from Chicago with a price tag in the $1.7 to $1.8 billion range, a mark that tracks with how much NHL franchises have climbed in value in recent years.
Insider Elliotte Friedman then confirmed the amount is indeed $1.7 billion US.
What the next step is to make the sale official
But the sale still requires the green light from the NHL's Board of Governors. The numbers, though, highlight how much the value of the Penguins has jumped since Fenway Sports Group bought the team back in 2021.
That sale came after Mario Lemieux, Ron Burkle, and David Morehouse sold the club they rescued from bankruptcy back in 1999.
Why this sale amount is so surprising
That 2021 sale was reported at around $900 million; hence, the current price shows a remarkable uplift in such a short period.
Fenway Sports Group, led by John Henry, retains ownership of the Boston Red Sox and Liverpool FC as it exits Pittsburgh. The Hoffmann Family of Companies, led by David Hoffmann, operates upwards of 200 brands.
All this is happening while the Penguins, under coach Dan Muse, continue playing and putting up performances on the ice rink, while the ownership process now moves to the final stages.
| POLL | ||
DECEMBRE 17 | 150 ANSWERS Updated financial picture emerges in Pittsburgh Penguins ownership sale Are you surprised that the Penguins are valued so high? | ||
| Yes | 67 | 44.7 % |
| No | 83 | 55.3 % |
| List of polls | ||