Sources: Fenway Sports Group to sell Penguins to Hoffman family - ESPN

Fenway Sports Group has agreed in principle to a sale of the Pittsburgh Penguins to the Chicago-based Hoffmann family, sources confirmed to ESPN. The deal is pending approval by the NHL's Board of Governors.

While the exact sale price was not immediately confirmed, league sources expect the deal to land between $1.7 and $1.8 billion for the Penguins. FSG bought controlling interest of the Penguins in 2021 for $900 million.

Hockey journalist Frank Seravalli was the first to report on Fenway's agreement to sell.

The Penguins were previously owned by Ron Burkle and franchise legend Mario Lemieux, who had bought the team and saved it from bankruptcy in 1999. That group helped keep the Penguins in Pittsburgh, then the club went on to win three Stanley Cups from 2009 to 2017 with its current core player group of Sidney Crosby, Evgeni Malkin and Kris Letang. Lemieux has remained involved with the team after the sale to Fenway and his role with the new ownership group remains to be seen.

FSG's portfolio includes several sports properties, such as Liverpool of the EPL, the Boston Red Sox of MLB, Fenway Park, NESN, RFK Racing of NASCAR and Boston Common Golf of TGL. In January, ESPN reported that Fenway was taking the Penguins to market to explore selling a minority stake — which is increasingly a common practice as NHL valuations continue to increase. Hofmann has been in discussions with the Penguins since at least this summer, sources told ESPN.

The Hoffmann Family of Companies is a multi-generational family-owned private equity firm, whose CEO is billionaire David Hoffmann. Their broad portfolio includes more than 100 brands in real estate, manufacturing, media and agriculture among other sectors.

The group also owns the ECHL