Pittsburgh Penguins' Sidney Crosby will play under new ownership as the Fenway Sports Group has sold the team to the Hoffman Family of Companies. (AP Photo/Matt Slocum)

PITTSBURGH — The Pittsburgh Penguins are set to enter a new era after the National Hockey League’s Board of Governors unanimously approved the sale of the franchise to Hoffmann Family of Companies, the organization announced Tuesday.

The transaction, which is expected to close soon, transfers ownership of one of the Penguins to the U.S.-based family-owned investment firm. The deal, reached a year ago, is worth $1.7 billion to $1.75 billion. The team had been owned by the Fenway Sports Group since 2021.

“It’s nice that the Hoffmanns got a good deal, and it’s nice that Fenway in five years doubled its investment,” NHL commissioner Gary Bettman said. “I still think it’s low, but that’s OK.”

Geoff Hoffmann, chief executive officer of the company’s private equity division, will serve as the Penguins’ governor. Founder and chairman David Hoffmann, real estate division CEO Greg Hoffmann and Penguins general manager and president of hockey operations Kyle Dubas will serve as alternate governors.

“The Penguins represent everything Hoffmann Family of Companies stands for — community, excellence and long-term thinking,” Geoff Hoffmann said in a statement. “We’re proud to represent this storied franchise and are eager to become an active, invested part of the Pittsburgh community.”

The acquisition is the largest investment to date for Hoffmann Family of Companies, which was founded in 1989 and has grown into a global enterprise that includes more than 200 brands operating in 30 countries. The company employs more than 27,000 people across 400 locations worldwide.

The purchase also expands the firm’s footprint in Pennsylvania. Hoffmann Family of Companies owns Viking Plastics, headquartered in Meadville, and has ties to Pittsburgh through executive search firm DHR Global, which maintains offices in the city.

For Penguins fans, the sale comes as the franchise seeks to remain competitive while transitioning from the championship era led by Sidney Crosby, Evgeni Malkin and Kris Letang. Dubas will continue overseeing hockey operations under the new ownership group.