The Chicago-based Hoffmann family has emerged as a serious contender to buy the Pittsburgh Penguins from Fenway Sports Group, reports Sportsnet's Elliotte Friedman.

David Hoffmann, founder and chairman of the Hoffmann Family of Companies, has an estimated net worth of $2 billion, according to Forbes. He's owned the ECHL's Florida Everblades since 2019, overseeing three Kelly Cups (2022-24) in that span.

The sale price is expected to land in the $1.75 billion range if the two sides are able to work out a deal, according to Friedman.

In January, it was reported that Fenway Sports Group, which also owns the Boston Red Sox and Liverpool FC, was looking to sell a minority stake in the Penguins. However, it now appears that FSG is open to giving up majority ownership of the franchise.

A group led by Mario Lemieux reportedly expressed interest in buying back the Penguins in June. FSG bought the team from Lemieux's group for $900 million in 2021.