The Pittsburgh Penguins sale by Fenway Sports Group of a controlling interest in the team to the Hoffmann Family of Companies was entered into this past December. This week, the NHL Board of Governors unanimously approved this transaction. The sale price is $1.75 billion, and is expected to close before the start of Friday’s draft. Geoff Hoffmann, the CEO of the company’s private equity branch, will serve as the team’s governor. Greg Hoffmann, the CEO of its real estate branch, will be an alternate governor, along with Penguins general manager and president Kyle Dubas and company founder David Hoffmann.
Mario Lemieux will continue with the Penguins as its minority owner. The transaction presumably marks an important shift for the Hall of Famer’s relationship with the front office. Lemieux maintained a very distant, limited presence around the organization during Fenway Sports Group’s ownership. However, the Hoffmann group has expressed a strong desire to repair that relationship. Insiders report Lemieux is open to a much larger, active role with the team moving forward.