PITTSBURGH —The Pittsburgh Penguins officially have new owners as the Hoffman Family of Companies took control of the organization Thursday, celebrated with company events and a press conference at PPG Paints Arena with the panoramic views of the city from the Lexus Club as a backdrop.
The press conference was complete with the patriarch David Hoffmann, but centered on new team governor Geoff Hoffman, and the head of the HFoC head of real estate, Greg Hoffman, who will serve as an alternate governor with David. Rather than rehearsed answers, the press conference quickly became a homey conversation with Geoff Hoffman, but was unexpectedly joined by David, who wasn't a planned speaker but shared the singular microphone to broach several important topics.
The clan was far more forthcoming and unguarded than the previous ownership, the Fenway, which did not address the public or media for nearly 18 months and did not establish a local address either personally or professionally. With a little prodding from his father, Geoff Hoffman made a point to admit he and his nuclear family are moving to Pittsburgh shortly, purchasing a house in Squirrel Hill.
In fact, the entire Hoffmann family, with children ranging from teens to toddlers were in attendance, all wearing Penguins jerseys. If you're curious, most were the yellow alternate sweaters.
Geoff Hoffman made clear his family's intentions with the team, which drew further pointed contrasts from the current seller, the Fenway Sports Group , which purchased the team because they were a legacy team with a good value-add proposition to add to their collection of premier teams, including the Boston Red Sox, Liverpool soccer, and the Jack Rousch racing team.
No, Geoff Hoffman views the Penguins much differently. If they have their way, Pittsburgh has gained a new family.
"There's certainly been some ups and downs on the business side of the organization, and I'm here to tell you that has come to an end. We are long-term thinkers, we are.. it's not.. this is not an investment for us, as you think about a financial investment. This is a commitment to a city, it's a commitment to an organization," Geoff Hoffmann said. "The Penguins are going to be in Pittsburgh, and always going to be in Pittsburgh, as long as the Hoffmans are part of it. And the Hoffmans plan to be a part of this for generations to come.
"We are really well positioned, not only to continue the trajectory that the organization is on currently, but to make the investments that are required to remain competitive and to create an incredibly special fan experience, which is something that we're focused on too."
Among the news items, the new owners would like to bring back "Ace." They have spent time with former owner and franchise legend Mario Lemieux. Geoff Hoffman was quite complimentary, saying Lemieux was "as advertised," and they have invited him to be a part of the franchise in whatever manner or to whatever level Lemieux chooses. However, there is no defined or specified role.
Externally, the group would like to get involved in the messy and complicated Hill District development plans to create an arena district. Perhaps naive, perhaps in full good nature, they see opportunity. In fact, David Hoffmann interjected an aside that could create headlines when he asked reporters about the hotel situation in the city. He followed up with a rhetorical question and strongly inferred that the group has plans to build a new hotel in the city.
"Let me ask you something on that front … So, one of the things that I've noticed coming here is the hotel situation doesn't seem to fit with the demand for all the great assets you have," said David Hoffmann. "So, Greg (Hoffmann) runs our real estate portfolio, runs it very well, and we've had lengthy discussions about why there isn't a better choice for more hotels here, but a hotel close here that's maintained well and looks good, that's an attraction where everybody wants to go to it. It just doesn't seem like with all you have going on, four sports teams, three colleges, and a vibrant community, that you have enough hotels, so we're very interested in building a hotel here."
Regarding the on-ice product, the ownership group multiple times referred all responsibility and matters to president of hockey operations/GM Kyle Dubas. They have no plans to get involved in hockey operations, though Geoff Hoffmann admitted he's a big hockey fan and now thinks about the Penguins "24-7."
When pressed about the economics of hockey and the growing talk in league circles that coming salary cap spikes could create tiers of teams that can spend to the limit and some teams that cannot, Hoffmann gave a seemingly positive answer, though he did not offer a definitive yes. The salary cap is expected to rise above $113 million or more in 2027-28, and perhaps beyond $130 million in just a few years.
Will the Penguins be able to spend to the cap?
"I can commit that Kyle will have whatever resources at his disposal that he needs to have the type of hockey team that can go out there and be successful," Geoff Hoffmann said. "We'll follow whatever we need to do in terms of spending to make sure that happens, but it will be that's Kyle's call."
Finally, ownership of Sportsnet Pittsburgh is an issue for the future. The Penguins and their partnership with the Pittsburgh Pirates to operate the regional sports network have one year remaining. Hoffmann deferred any direction or specifics for future discussions, citing the complexities and economic challenges of RSNs, but committed to getting the Penguins onto as many screens and into as many homes as possible.
The Penguins have new owners. They immediately differentiated themselves from the former owners, who lobbed orders from different cities through phone calls and video meetings. Whether they have the same resources will be a matter determined through action, not words, but the loud ovation which ended the press conference from many of the Penguins employees and non-media in attendance echoed the congenial tone and earnest answers that mostly lacked corporate polish and double speak.
As the Hoffmann children of Geoff and David ran and played in the Lexus Club following the press conference, smiles were abound. It was a good first day.
The post 'For Generations': New Penguins Owners Commit to City, Mario & Spending Money appeared first on Pittsburgh Hockey Now .
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