The long-speculated sale of the Pittsburgh Penguins has been formally agreed to.

On Friday, incumbent owner Fenway Sports Group and prospective owner Hoffmann Family of Companies announced they had “entered into a definitive agreement for the Hoffmanns to acquire a controlling interest in the Pittsburgh Penguins.”

Any deal would require approval by the NHL’s Board of Governors, a formality that typically encounters little resistance. There is no word on when that process may unfold.

“When the opportunity arose to become the next stewards of one of the most respected organizations in sports, we knew we had to pursue it,” Geoff Hoffmann, CEO of Hoffmann Family of Companies, said in a statement. “The Penguins’ on‑ice legacy and the values shared by the team and the city align naturally with ours. We’re here to build, grow, stay … and win.”

Per a release from both groups, Fenway Sports Group will remain a minority shareholder for a period of time and “continue supporting key business areas, including sponsorship sales and regional sports network management, as part of a phased transition.”

Broadcaster SportsNet Pittsburgh, which carries Penguins and Pirates games, is jointly owned by FSG and the Pirates.

There was no word on any involvement franchise icon Mario Lemieux might have with the Hoffmann group. In 1999, Lemieux and Ron Burkle purchased the Penguins out of bankruptcy before selling the franchise to FSG in 2021. Lemieux and Burkle retained minority shares in the franchise after that transaction.

FSG purchased the Penguins for $900 million. HF Companies reportedly is buying the franchise for a price between $1.7 billion and $1.8 billion.

Nearly a year ago, in January, it was reported that FSG sought investors to take on minority shares in the franchise to raise equity.

That search led to an inquiry from the Hoffmann group, which eventually led to negotiations to purchase a controlling interest.

“During a formal process to explore investor interest in the Pittsburgh Penguins, we were approached by the Hoffmann family with an offer that warranted serious consideration,” Sam Kennedy, CEO of Fenway Sports Group, said in a statement. “From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest.”

As far as on-ice management of the club is concerned, Kyle Dubas will remain president of hockey operations. FSG hired Dubas in that capacity in 2023.

Upon completion of the transaction, Geoff Hoffmann will serve as the team’s governor, with brother Greg and father David Hoffmann serving as alternate governors.

Fenway Sports Group partner Teddy Werner will continue to serve as the team’s interim president of business operations during the transition.

Hoffmann Family of Companies owns a variety of brands and holdings in several fields, including the Florida Everblades of the ECHL.

Geoff Hoffmann is CEO of the company’s private equity arm, and Greg Hoffmann is CEO of the group’s real estate ventures.

David Hoffmann is the founder and chairman of the company. A native of Missouri, he retired in 2022, allowing his sons to assume control of the group.

A spokesperson for HF Companies declined to comment to TribLive on Thursday but indicated formal media availability would happen once the transaction is finalized.

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