Pittsburgh Penguins sell for $2 billion. Details on Florida-based buyer

• The Pittsburgh Penguins are being sold to the Florida-based Hoffman Family of Companies for about $1.75 billion.
• The NHL Board of Governors unanimously approved the sale, which is expected to close shortly.
• The Hoffman Family of Companies is owned by David and Jerri Hoffman of Naples, Florida.

(This story was updated to add new information to the headline.)

The Pittsburgh Penguins have found a new owner after a Florida-based company struck a deal that's set to cost approaching $2 billion.

The sale has yet to officially close, but with the NHL Board of Governors approving the deal on June 23, it's expected to go through shortly.

Here's what to know about the Penguins' buyer.

Who bought the Pittsburgh Penguins?

The sale of the Pittsburgh Penguins from The Fenway Sports Group to Hoffman Family of Companies was unanimously approved by the NHL Board of Governors on June 23.

The sale was announced more than six months ago on Dec. 19, 2025, and it's expected to close imminently.

How much did the Pittsburgh Penguins sale cost?

NHL Commissioner Gary Bettman told NHL.com the transaction is set to cost about $1.75 billion.

In 2021, Fenway Sports Group bought controlling interest of the Penguins for $900 million from Mario Lemieux and Ron Burkle. FSG owns several sports properties, including the Boston Red Sox and Fenway Park in Boston.

"Actually, the deal was made a year ago, so based on the valuations at that time, that was consistent with what Sportico and Forbes and CNBC were doing, although at the time and even now I think it was low," Bettman said of the $1.75 billion valuation for the Penguins to NHL.com. "Having said that, it's nice that the Hoffmans got a good deal and it's nice that Fenway in five years doubled its investment. I still think it's low, but that's OK."

What are the Hoffmann Family of Companies that bought the Penguins?

The Hoffman Family of Companies, or HF Companies, is owned by couple David and Jerri Hoffman of Naples, Fla. The company owns a large catalog of area real estate, businesses, the Florida Everblades minor league hockey team and Hertz Arena.

With the acquisition of the Penguins, Geoff Hoffmann, CEO of HF Companies' Private Equity arm, will serve as Governor. Greg Hoffmann, CEO of the firm’s Real Estate arm; Kyle Dubas, General Manager & President of Hockey Operations of the Pittsburgh Penguins; and David Hoffmann, Founder & Chairman of HF Companies, will each serve as Alternate Governors.

David Hoffman bought Florida's Everblades and Hertz Arena in August 2019. The Blades were affiliated with the St. Louis Blues for the last two seasons, but the Blues announced June 22 that they have moved their ECHL affiliation to the Worcester (Mass.) Railers with an agreement through the 2030-31 season, leaving Florida looking for a new partner. Pittsburgh has had an affiliation agreement with the Wheeling Nailers for 29 years.Four years ago, Geoff Hoffman and his wife Megan founded Type 1 Timer Hockey in 2022. Inspired by their son Henry's experience of living with Type 1 diabetes, it's the only hockey camp in the United States intended specifically for kids with the diagnosis and is held annually at Hertz Arena.

"The Penguins represent everything Hoffmann Family of Companies stands for — community, excellence and long-term thinking," Geoff Hoffman said in a release. "We look forward to building on the team’s success by providing support and resources to both 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."

Finch Walker is the Pittsburgh Connect Reporter for the USA TODAY Network. Contact Walker at [email protected]. Instagram: @finchwalker_. X: @_finchwalker.