Business & Tech
Pittsburgh Sports Team Purchase Being Pursued: Report
A multi-billion dollar conglomerate is interested in purchasing a Pittsburgh sports team. Get the details here.
PITTSBURGH, PA — A company with more than 400 locations in 30 countries is interested in buying the Pittsburgh Penguins, according to a report.
The Hoffman Family of Companies, based in Chicago, has emerged as as a candidate to buy the Penguins from the Fenway Sports Group, according to Sportsnet. The company currently owns the developmental league ECHL's Florida Everblades.
As Patch previously has reported, Fenway Sports Group was considering selling a minority stake in the team. Apparently now the company is considering divesting the entire entity.
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Fenway purchased a controlling stake in the team in 2021 for $900 million from previous owners Ron Burkle and Mario Lemieux. The former Penguins star bought the team in 1999 and saved it from bankruptcy.
According to Sportsnet, Fenway's asking price for the team is in the $1.75 billion range.
Find out what's happening in Pittsburghfor free with the latest updates from Patch.
It is unclear how a sale would impact SportsNet Pittsburgh, the cable channel that chiefly serves the Penguins and Pirates. It is jointly owned by Fenway and Pirates owner Bob Nutting.
Fenway Sports Group also owns the Boston Red Sox, England's Liverpool soccer club, NASCAR'S RFK Racing and TGL's Boston Common Golf.
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