Pittsburgh Sports Team Reportedly Sold

. The Penguins were valued at $1.75 billion, according to Forbes' 2025 valuations of National Hockey League teams.PITTSBURGH, PA — A Pittsburgh sports team is about to change hands, according to reports.

For the second time in less than four years, the Penguins are being sold. The Chicago-based Hoffman Family of Companies is purchasing the team from the Fenway Sports Group, according to The Athletic, a sports website owned by The New York Times Company.'

The deal has not been officially announced.

Fenway bought the team from former Penguins superstar Mario Lemieux and businessman Ron Burkle for $950 million in 2021. Under Fenway's ownership, the Pens have not made the playoffs for the past three seasons.

According to its website, the Hoffman Family of Companies investment firm has 200 brands and properties globally, employs more than 17,000 people and has more than 400 locations across 30 countries.

It's unclear what the purchase price will be. In Forbes' 2025 valuations of National Hockey League teams, the Penguins were valued at $1.75 billion.