Tim Benz: Vibe around potential Penguins sale changes as a buyer not named Mario Lemieux emerges

According to Elliotte Friedman of SportsNet.ca, the Chicago-based Hoffmann Family of Companies “has emerged as a serious contender” to purchase the Pittsburgh Penguins from Fenway Sports Group.

One of the businesses the Hoffmann Family owns is the ECHL’s Florida Everblades, winners of the Kelly Cup from 2022-24.

Multiple stories emerged in recent months that former team-owners Mario Lemieux and Ron Burkle, who still have a minority investment in the team, had an interest in reacquiring principal control of the organization. In response to inquiries regarding those headlines, FSG simply said the company was working toward “identifying a small, passive partner” that may want to invest in the club.

A request for comment from the Penguins on Monday evening regarding the Sportsnet.ca report was redirected to the FSG communications team. As of the filing of this column Tuesday morning, there had been no response from FSG.

Friedman said the expected sale price may be in the $1.75 billion range. With NHL expansion looming, I wouldn’t be surprised if that number gets up to $2 billion.

Friedman’s story makes things sound like they are much deeper down the tracks than any conversations with the Lemieux-Burkle-David Morehouse group have gotten.

I think it’s time to shelve the “passive partner” talk. To me, it sounds like the Penguins are “passively” up for sale.

Maybe initial discussions are opening at a minority investor level with FSG, but I’m getting the impression they’d be more than willing to cash out on a quick turnaround on the club after having purchased it for just $900 million in 2021.

“Sure, you can buy this puppy. But don’t you want to buy the whole litter? They sure are cute aren’t they?”

From an FSG perspective, a full rebuild is on the horizon for the Penguins. Team icon Sidney Crosby just recently turned 38. Financial projections may not be great for the immediate future, even with league expansion fees expected.

There certainly was interest and excitement from Penguins fans when speculation emerged about Lemieux and Burkle possibly buying in again. Why wouldn’t there be? Those two were atop the ownership masthead when the Penguins won Stanley Cups in 2009, ‘16 and ‘17.

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But the notion of FSG selling to someone besides those two isn’t nearly as appealing, is it? Now it’s just some corporate conglomerate in Boston, possibly selling the hometown hockey team to some corporate conglomerate in Chicago/Florida.

The Hoffmann Family boasts over 200 “acquired brands & properties” globally. If you think the Penguins feel nameless and faceless under FSG’s thumb now, imagine what this sale might look like.

At least an ownership group that is composed of partners with names like John Henry, Tom Werner, LeBron James, Sam Kennedy and Theo Epstein is tangible to sports fans. The group’s other investments besides the Penguins include the Boston Red Sox, Liverpool FC, RFK Racing and NESN.

Aside from the Everblades, the Hoffmann Family of Companies doesn’t have assets that are going to resonate as readily with John Q. Sportsfan.

The biggest reason for the decline of the Penguins of late hasn’t been the result of an ownership group unwilling to spend on payroll. If anything, it’s been the opposite.

Under FSG management, the Pens have acquired, retained or extended the likes of Crosby, Evgeni Malkin, Kris Letang, Bryan Rust, Rickard Rakell, Tristan Jarry, Ryan Graves and Erik Karlsson.

Failing to spend on the roster hasn’t been the problem. An inability to spend wisely has been. Maybe that’s part of the reason FSG seemingly wants out now. Although fiscally, I’m sure the macroeconomics are bigger than a few bloated contracts under the salary cap.

If the Pens ever get back into a position to contend again, I have confidence in FSG’s willingness to pump money into that product. Right now, though, I am questioning their stomach to spend through some potentially lean years.

From an on-ice perspective and beyond.

What’s Hoffmann’s level of interest in that regard? Who knows.

Nor would I pretend to know for just about any potential owner who didn’t skate around with a No. 66 on their back in this city.

Yes, selling back to Lemieux would feel like a reason to applaud for many folks around here.

At least initially. Let’s see if fortune shines on him and the Penguins yet again.

Selling to anyone else would be as much cause for uncertainty as it would be for celebration.

Could FSG have planted the Hoffmann story to Friedman in hopes of coaxing Lemieux and Burkle into upping their offer?

Maybe. If so, let’s hope it works.