After years of free-falling in the NHL standings, Sidney Crosby and the Pittsburgh Penguins might change hands. Franchise legend and former owner Mario Lemieux is actively looking to regain control, but reports hint that a new group is interested in buying the club as well.
Crosby’s future is one that stirs suspense and confusion in Pittsburgh. The longtime captain could eye a fresh start somewhere else if the Pens continue their descent into the NHL abyss next season. It’s a doomsday scenario, but it can’t be ruled out if the Penguins continue to disappoint.
On that note, a massive change could be in the works. The Penguins are currently owned by Fenway Sports Group (FSG), but Lemieux and company want to re-acquire the organization they sold back in 2021. However, new reports indicate there is a new player entering the sweepstakes for the five-time Stanley Cup winning franchise.
“The Chicago-based Hoffmann family, owners of the ECHL’s Florida Everblades, has emerged as a serious contender to purchase the NHL team from Fenway Sports Group,” as reported by Sportsnet.
Sidney Crosby #87 of the Pittsburgh Penguins heads down the tunnel on the road in the NHL.
Asking price
Fenway isn’t actively shopping the organization by any means. Still, according to reports, the current ownership group is looking to sell a share to a minority-owner group. That isn’t exactly in Lemieux’s or Hoffman’s plans.
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As reports suggest, the price for FSG to sell is around $1.75 billion. It must be noted that the Penguins were bought from Lemieux and his investment group for $900 million back in November 2021.
Business is boomin’
Although the Penguins’ ticket revenue has gone down and the team’s performance hasn’t helped, the NHL’s economic growth explains the rising price. Moreover, rumors of the league expanding to 34 teams continue to ring loud.
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According to Sportico, the buy-in price for new franchises is reportedly of $2B, which would then be equally shared between the current teams. Thus, Fenway won’t be selling the team for cheap when the forecast in the City of Bridges calls for a dollar downpour.
