SEA Board Slams Fenway Sports Group's 'Profiteering' in Penguins Sale

Watchdog group accuses owners of exploiting team sale for personal gain.

Mar. 12, 2026 at 8:06pm

Got story updates? Submit your updates here. ›

The $1.7 billion sale of the Pittsburgh Penguins hockey team to the Hoffmann Family of Companies has drawn sharp criticism from the Sports and Exhibition Authority (SEA) of Pittsburgh and Allegheny County. The SEA board accused Fenway Sports Group, the previous owners of the Penguins, of 'profiteering' and exploiting the team sale for personal financial gain.

Why it matters

The Penguins are a beloved sports franchise in Pittsburgh, and the SEA board's accusations raise concerns about the integrity of the sale process and whether the team's loyal fanbase was shortchanged. As a public authority, the SEA plays an important oversight role in major sports deals that impact the local community.

The details

According to the SEA board, Fenway Sports Group purchased the Penguins in 2021 for $900 million and is now selling the team for $1.7 billion, a 89% increase in just five years. The board argued this rapid appreciation in value represents 'profiteering' and that Fenway took advantage of the team's loyal fan base and the city's subsidies to the franchise over the years.

  • Fenway Sports Group purchased the Penguins in 2021 for $900 million.
  • The Penguins were sold to the Hoffmann Family of Companies in 2026 for $1.7 billion.

The players

Fenway Sports Group

The previous owner of the Pittsburgh Penguins hockey team, which purchased the franchise in 2021 for $900 million and is now selling it for $1.7 billion.

Sports and Exhibition Authority (SEA) of Pittsburgh and Allegheny County

A public authority that oversees major sports and entertainment facilities in the Pittsburgh region and has criticized the Penguins sale as 'profiteering' by the previous owners.

Hoffmann Family of Companies

The new owner of the Pittsburgh Penguins, purchasing the team for $1.7 billion in 2026.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The SEA board has vowed to further investigate the Penguins sale and consider any legal actions to hold Fenway Sports Group accountable for its alleged 'profiteering'.

The takeaway

This case highlights the tensions that can arise when private sports franchise owners seek to maximize profits, potentially at the expense of loyal fans and the broader community that has supported the team over the years. It underscores the importance of public oversight and transparency in major sports deals.