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Archives for August 2025

New Ownership Potential Emerges For Pittsburgh Penguins

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Aside from the quality of their roster and potential moves of several veterans in the lineup, one of the main storylines from the Pittsburgh Penguins this summer has been that Fenway Sports Group (FSG), the majority owner of the Penguins franchise, is interested in selling a portion of the team. Up to this point, the former ownership group, led by franchise icon Mario Lemieux, has been the only entity to have expressed interest in purchasing the minority stake, and potentially even the majority share of the franchise should the opportunity arise.

According to Sportsnet’s Elliotte Friedman, another interested party has emerged. The Hoffmann family, composed of David and his son Geoff, the owner of the ECHL’s Florida Everblades, has thrown their hat in the ring for ownership of the Penguins. Although Forbes doesn’t know the exact net worth of anyone unless personally disclosed, they’ve projected Hoffmann’s net worth to be approximately $2 billion.

If that’s the case, Hoffmann would likely require external assistance instead of using his assets for a loan, considering the Penguins’ projected value is approximately $1.75 billion. Lemieux sold the team to FSG in 2021 for a reported $900 million, meaning that the franchise has nearly doubled in perceived value in four years.

It could come as a surprise that FSG would be willing to sell the Pittsburgh-based franchise only four years after its acquisition, but it’s not entirely without precedent for the ownership group. In 1999, the group purchased the MLB’s Miami Marlins for $150 million, and sold it in 2002 for an $8.5 million profit. Due to the exponential increase in the value of sports franchises in the current market, FSG would realize a significant profit if it opted for a full sale.

Still, there is no guarantee that FSG is willing to sell its entire stake in the franchise. Friedman reported that although Hoffmann is interested in purchasing a part of the Penguins, there is still much to be done, and the deal is far from completion. Additionally, considering his ties to the organization and his contributions to the franchise throughout his career, along with their previous agreements, Lemieux and his team might have the advantage despite the new competition.

Josh Leivo Signs With KHL’s Traktor Chelyabinsk

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The reigning MVP of the KHL has found a new home. In an announcement from the league, forward Josh Leivo has signed a one-year contract with the KHL’s Traktor Chelyabinsk, the most recent Eastern Conference champions.

It’s quite the addition for Traktor as they look to capture the Gagarin Cup for the first time in franchise history. Leivo is coming off an impressive year with the KHL’s Salavat Yulaev Ufa, scoring 49 goals and 80 points in 62 games with a +26 rating. This MVP season came one year after he scored 15 goals and 38 points in 40 games throughout his first season in Russia.

Leivo’s postseason record the past two years should also benefit Traktor in its pursuit of the Gagarin Cup. The former 86th overall pick of the 2011 NHL Draft has scored six goals and 24 points in 20 games throughout the KHL postseason. It’s also the second time that Leivo has been honored with a league award for his performance throughout his professional career, winning the Jack A. Butterfield Trophy during the 2022 Calder Cup playoffs after scoring 15 goals and 29 points in 18 games en route to a Calder Cup ring with the AHL’s Chicago Wolves.

It’s important to note that his journey to Traktor has been quite unusual. Despite signing a multi-year agreement with Salavat Yulaev Ufa after becoming the first Canadian to win the KHL’s MVP award, his contract was mutually terminated a few days ago. Several theories have emerged regarding this situation, including Leivo’s late arrival to training camp, visa complications, and financial difficulties faced by his former team.

All three theories may contain some truth, and we may never fully understand what happened. Still, the latter theory may have the most credibility as several reports from Russia have indicated that his former team requested he restructure his contract with a reduced salary, something Leivo wasn’t willing to do.

Reilly Walsh Signs With KHL’s Barys Astana

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Free agent defenseman Reilly Walsh has a one-year deal with Kazakhstan’s Barys Astana of the KHL, the team announced.

Walsh, 26, heads overseas for the first time in his career after spending the past several seasons as a productive minor-leaguer. He was drafted out of prep school by the Devils in the third round of the 2017 draft before going for three years at Harvard, signing his entry-level deal with New Jersey in 2020.

While the right-shot Massachusetts native has shown good offensive instincts wherever he goes, it has never translated into much NHL time. He only has one appearance to his name, posting an assist and two blocks in 14:23 of ice time for the Devils in a late-season game against the Senators in 2022.

Walsh remained in the New Jersey organization until the summer of 2023, when the Devils traded his signing rights to the Bruins in exchange for Shane Bowers. He signed a two-way contract with Boston a few weeks later, but spent the entirety of the following season on loan to AHL Providence. That gave him the trifecta needed – age 25, less than 80 games of NHL experience, and at least three years of pro experience – to reach the open market early via Group VI unrestricted free agency.

He landed a slightly richer two-way deal with the Kings last summer but met the same fate. He scored six goals and 32 points in 70 games for the AHL’s Ontario Reign and again became a Group VI UFA on July 1. He presumably landed a richer offer from Barys – although the club has had some recent financial struggles – than any two-way guarantees an NHL team was offering him, if there even were any.

Walsh pauses his career stateside for now with a 38-121–159 scoring line in 304 career AHL contests for Binghamton/Utica, Providence, and Ontario. He joins an Astana club that also has former NHLers Ian McCoshen, Olivier Rodrigue, and Mike Vecchione rostered for 2025-26.

Avalanche Sign Alex Gagne To Entry-Level Deal

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The Avalanche announced that they have signed defenseman Alex Gagne to a two-year, entry-level deal. Financial terms were not disclosed.

Gagne, fresh off his 23rd birthday, is the first of the group of players who saw their draft rights expire on Friday to land an NHL contract. The Lightning initially selected him in the sixth round of the 2021 draft, but the two sides didn’t end up finalizing an entry-level contract after his four-year run with the University of New Hampshire came to an end last season. It’s unclear whether Tampa declined to offer him a deal or if Gagne declined to sign one, but the former would make sense as Tampa only has three contract slots available for 2025-26.

The 6’5″, 225-lb lefty isn’t a big point producer but was among the Wildcats’ most important players, particularly later in his career. He’d served as their captain since 2023-24 and finished his college career with a 7-41–48 scoring line in 139 games, totaling a +4 rating. He was named to Hockey East’s Third All-Star Team each of the last two years.

The New Hampshire native wasn’t a particularly high-profile prospect in Tampa’s system and won’t be one in Colorado’s either. Nonetheless, he’ll get a two-year runway, presumably with either AHL Colorado or ECHL Utah, to show enough development to earn a qualifying offer when his ELC expires in 2027.

Colorado had much more flexibility to make late-offseason depth additions than the Bolts. Gagne’s signing brings them to 43 standard contracts on the books for 2025-26, seven short of the limit.

Blue Jackets Sign Hudson Fasching To Two-Way Deal

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The Blue Jackets have brought in winger Hudson Fasching to the organization on a two-way contract, the team announced. It pays him $775K in the NHL and $250K in the minors with a $350K guarantee, per PuckPedia.

Fasching, 30, was a fourth-round pick out of the University of Minnesota by the Kings back in 2013 but never signed with the organization. L.A. traded his signing rights to the Sabres as part of a larger deal for defenseman Brayden McNabb less than a year after drafting him, and he saw brief action for them and the Coyotes over the years before landing with the Islanders, where he’s logged the bulk of his NHL action.

Fasching spent most of his three seasons with the Isles on the NHL roster, logging a combined 137 games played with a 16-21–37 scoring line and a -1 rating in that time. He also saw time with AHL Bridgeport in each of those years, though, successfully clearing waivers at the beginning of the 2022-23 and 2024-25 seasons. He logged nine goals and 14 points in 28 minor-league games, although the vast majority of his time there was spent on conditioning stints. He’ll now land with the Jackets, technically his fifth NHL organization, after seeing his already menial role with the Isles decrease last season.

While the 6’3″, 205-lb righty was a high-end scorer in college, earning some Big 10 All-Rookie and All-Star nods during his time with the Golden Gophers, that production never carried over to the pros. Even across his lengthy minor-league career, his production has been apt for a solid top-nine piece but never groundbreaking. He’s averaged 0.53 points per game in parts of nine AHL seasons, never hitting the 40-point mark in a single campaign. He does have some offensive upside at the NHL level, but no matter where he plays, he grades out best as a bang-and-crash checking line piece with decent skill.

Columbus still has some promising forward prospects on the way who will continue to compete for NHL jobs and top-end AHL roles, but they’re light on experienced, high-end NHL/AHL “tweeners” like Fasching. They began to address that problem earlier this summer by re-acquiring 31-year-old Brendan Gaunce for his second stint in the organization, but they’ll add some more muscular depth here with Fasching.

If a name like Luca Del Bel Belluz doesn’t command an opening-night job, there will be a bit of competition for press-box roles. Fasching will have an opportunity to compete with Zach Aston-Reese, Gaunce, and Mikael Pyyhtia.

Morning Notes: Red Wings, Stenberg, Funck

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The biggest training camp storyline for the Red Wings will be who begins the season as their top line left wing next to Dylan Larkin and Lucas Raymond. They’ve had a revolving door there for the first four years of the latter’s career, and it doesn’t look like that will be changing anytime soon.

To that end, Max Bultman of The Athletic explored that topic today. Their most frequent linemate last season was youngster Marco Kasper, but with his development more apt in filling a much-needed second-line center role for the Wings, that’s where Bultman anticipates him staying to open the season.

If not Kasper, it’s a rather uninspiring list for a unit expected to be Detroit’s most productive. The leading contender might be a swap of who Kasper replaced down the middle late last year. Veteran Andrew Copp has played exclusively down the middle since signing with the Wings three years ago, but could slot in on Larkin’s wing to “bring some of the same heaviness and defensive elements Kasper did to that line,” Bultman writes.

Copp is arguably the leading contender because of Detroit’s relatively quiet offseason, leaving them with uninspiring top-line options in the likely scenario they keep wingers Alex DeBrincat and Patrick Kane as their second-line anchors. Other names in the mix, Bultman writes, will be free agent pickup James van Riemsdyk and the towering young Elmer Söderblom. The former was more productive last season with 36 points in 71 games for the Blue Jackets, but only averaged 12:24 per night.

Here’s more from around the hockey world today:

  • It’ll take a miracle to unseat phenom Gavin McKenna from first overall on anyone’s draft board by the time next June rolls around, but the No. 2 slot is still up for grabs. While the consensus preseason opinion there is big-bodied defender Keaton Verheoff, Scott Wheeler of The Athletic opines that his average skating gives the edge to Swedish winger Ivar Stenberg, whom he opines is a slam-dunk first-line winger. His production in under-20 play with Frölunda last season jumps off the page – 53 points in 27 games – and he just won a bronze medal at the Hlinka Gretzky Cup while contributing a tournament-leading four goals and 10 points in five games. He’s primed for a full-time role in the pros in the SHL this season, but his early birthday for the class (Sep. 30) means he’s further along in his development than most of his peers.
  • After being drafted out of his native Sweden, Avalanche defense prospect Linus Funck is making the jump to North America. The 2025 fourth-rounder will suit up for the OHL’s London Knights this season, the team announced. The 6’3″, 186-lb righty had a 5-23–28 scoring line in 48 games for Luleå’s U-20 squad last season but was not part of Sweden’s contingent for this month’s Hlinka Grezky tournament.

Five Key Stories: 8/11/25 – 8/17/25

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We’re now past the midpoint of August and training camps are starting to get closer. We saw a handful of moves on the transaction front over the past seven days, several of which are highlighted in our key stories.

Going For 20: Long-time NHL veteran Jack Johnson isn’t ready to call it a career just yet as he has signed a tryout deal with Minnesota. The 38-year-old was an every-game regular as recently as 2023-24 but his second stint with Columbus last season saw him reduced to a much lesser role with playing time very limited when he did get in the lineup for his 41 games. Johnson has 342 points in 1,228 games with six different teams over 19 seasons and will look to make it an even 20 if he can secure a contract from the Wild, a team that moved Declan Chisholm at the draft and didn’t re-sign veteran depth defender Jon Merrill.

Bridge For Evans: Seattle took care of their last remaining restricted free agent, working out a two-year bridge deal with defenseman Ryker Evans. The contract carries a cap hit of $2.05MM. The 23-year-old wrapped up his first full NHL campaign last season and it was a good one that saw him pick up 25 points in 73 games while logging over 19 minutes a night of playing time. Evans also played for Canada at the Worlds in May, notching a pair of assists in eight outings. The deal is slightly front-loaded with his required qualifying offer in 2027 checking in at an even $2MM; that offer will also come with salary arbitration rights. By going with a bridge agreement instead of a long-term pact, Seattle projects to enter the season with nearly $4.6MM in cap space, per PuckPedia.

Johansen Grievance Ruling: While it took quite a while – the better part of a year – a ruling has been made in the Ryan Johansen grievance for the termination of his contract. Philadelphia acquired him in 2024 and after he cleared waivers, he was assigned to the AHL where Johansen asserted there was an injury (a nagging hip issue), leading to the rescinding of the assignment. However, the Flyers then terminated Johansen’s contract last August, citing a material breach of contract. The hearing went to an arbitrator who has sided with Philadelphia, meaning that Johansen’s deal will not be restored in part or in full on the books. Johansen’s contract being added retroactive to last year’s books would have caused a bonus overage penalty for the Flyers which would have then rolled onto their 25-26 numbers. Johansen didn’t play at all last season and remains an unrestricted free agent although it would be surprising to see him sign now.

Calling It A Career: Veteran defenseman Chad Ruhwedel has decided to retire at the age of 35. He was a late bloomer, not really establishing himself in the NHL until he joined Pittsburgh at 26 but wound up becoming a reliable depth option who could step in and play on the third pairing for several years, including the 2021-22 campaign that saw him play in a career-best 78 NHL games. Ruhwedel spent most of last season with the Rangers’ AHL affiliate in Hartford and rather than seek out what would likely have been a PTO deal, he has decided to hang up his skates now. He ends his career with 50 points in 369 NHL games over parts of 13 seasons, a solid run for a player who was never drafted.

Detroit Adds A Defenseman: The Red Wings have added some extra depth on the back end, signing veteran Travis Hamonic to a one-year, $1MM contract. The 35-year-old was a high-quality shutdown defenseman in his prime but he has seen his role scaled back in recent years to that of a depth defender lately. Hamonic was battling Jacob Bernard-Docker for playing time with the Senators for the bulk of the last two seasons and that battle is now set to continue with Detroit’s other signing on the blueline this summer being Bernard-Docker after he was let go by Buffalo.

Photo courtesy of Steven Bisig-Imagn Images.

Snapshots: Janmark, Puistola, Kotkaniemi

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With the Oilers adding some extra depth up front this summer, there should be some good battles at training camp next month.  To that end, Allan Mitchell of The Athletic suggests (subscription link) that winger Mattias Janmark’s roster spot could be in some jeopardy.  The 32-year-old had a 25-point campaign just a couple of years ago but since then, he has only managed six goals and 24 assists combined, including only two goals in 80 games last season.  While his speed and defensive game are assets, they could free up $1.15MM in cap space by waiving and demoting him to the minors, lowering his cap charge to $300K.  That would certainly give them some extra breathing room on the salary cap with PuckPedia currently projecting them to open the season at barely $225K under the Upper Limit.  Carrying one less roster player would help in that regard and Janmark being that casualty would maximize their flexibility.

Elsewhere around the hockey world:

  • Still with the Oilers, it appears as if they at least thought about bringing in another forward from Europe to add to their depth as they did with David Tomasek. Forward Patrik Puistola acknowledged to Nerikes Allehanda’s David Hellsing that he was aware of some speculation that Edmonton was readying a contract offer for him although a formal offer never ultimately materialized.  Puistola was drafted in the third round by Carolina back in 2019 with his rights being moved to the Oilers in 2023 although those rights have since lapsed, making him an unrestricted free agent.  After a strong season with SHL Orebro last year and four goals at the Worlds for Finland, Puistola could be someone to keep an eye on to come to North America next year.
  • The Maple Leafs have hired Mikael Kotkaniemi as a European Scout, Kotkaniemi announced on LinkedIn. He has been a coach in Finland for the better part of the last two decades including at the Liiga level and most recently coached Finland’s Under-18 program.  This will be Kotkaniemi’s first scouting role and the first time working for an NHL franchise.

Salary Cap Deep Dive: Washington Capitals

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Navigating the salary cap is one of the most important tasks for a front office.  Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful.  Those who don’t often see struggles and front office changes.

PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season.  This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL.  All cap figures are courtesy of PuckPedia.  We’re currently covering the Metropolitan Division, last up are the Capitals.

Washington Capitals

Current Cap Hit: $91,375,000 (below the $95.5MM Upper Limit)

Entry-Level Contracts

F Ryan Leonard (two years, $950K)

Potential Bonuses
Leonard: $1.5MM

As expected, Leonard joined the Capitals once his college season came to an end and while he was largely a regular moving forward, they limited his minutes.  That probably won’t be the case this season as a middle-six role seems likely.  That should give him a chance to maybe hit one or two of his ‘A’ bonuses worth $250K apiece.

Signed Through 2025-26, Non-Entry-Level

D John Carlson ($8MM, UFA)
F Brandon Duhaime ($1.85MM, UFA)
F Hendrix Lapierre ($850K, RFA)
F Connor McMichael ($2.1MM, RFA)
F Sonny Milano ($1.9MM, UFA)
F Alex Ovechkin ($9.5MM, UFA)
D Trevor van Riemsdyk ($3MM, UFA)

After a rough first half in 2023-24, Ovechkin was better down the stretch that year and carried it over into last season where he went back over a point per game and broke Wayne Gretzky’s goal record.  Even at this stage of his career (he’s 39), he still provided above-average value on his contract, something he has largely done even as the most expensive winger in NHL history in terms of total earnings.  There has been plenty of speculation as to whether Ovechkin will want to play beyond the upcoming season and if he did, it wouldn’t be shocking to see the Capitals ponder offering a deal with some incentives if they wanted to try to load up for one last kick at the end.  Alternatively, returning to finish his career back home in Russia is a very realistic possibility as well.

McMichael had to settle for a bridge deal last season with cap space pretty tight for a Capitals team that spent all of the year in LTIR.  The good news is that he had a career year and remains a key part of their long-term plans.  With arbitration rights next summer, he’s well on his way to tripling his current price tag if he winds up around the 55-point mark again.  Milano missed most of last season due to injury and ran hot and cold in the first year of the deal.  As a bottom-sixer counted on to produce as a secondary scorer, that’s a hard niche to maintain.  Barring a 15-goal, 30-point season or somewhere thereabouts, Milano could find himself making closer to half of this on his next contract.

Duhaime’s first season with the Capitals was a successful one as he locked down a bigger role and set a new personal best in points.  He’s still someone who is more of an energy player than a scorer though which won’t help his value.  That said, as an effective bottom-six checker, he should be able to push past the $2MM mark on his next agreement.  Lapierre didn’t do much in limited action last season and if it weren’t for the fact he’s now waiver-eligible, he’d probably be on the outside looking in at a roster spot.  But waiver eligibility should give him a long leash and now it’s up to him to establish himself as an every-game regular.  If he can do that, doubling this contract could be realistic.

Carlson continues to be an above-average offensive performer who can still be counted on to play big minutes.  It’s telling, however, that GM Chris Patrick indicated back in the spring that there were no plans to hold offseason extension talks.  He’ll be 36 when his next deal starts and while a decline is bound to happen at some point, he still could get a multi-year pact in the $6MM or so range.  With what they have tied up in their back end already, perhaps that’s not something they’re willing to do just yet.  As for van Riemsdyk, he has fit in well on their third pairing for the last several seasons.  Being a right-shot defender, the side that’s always highly coveted, a small increase even heading into his age-35 year seems reasonable.

Signed Through 2026-27

F Anthony Beauvillier ($2.75MM, UFA)
D Declan Chisholm ($1.6MM, UFA)
F Nic Dowd ($3MM, UFA)
D Dylan McIlrath ($800K, UFA)
F Justin Sourdif ($825K, RFA)

Dowd has been a slow developer but he has worked his way from a depth player to a trusted checker who has reached double-digit goals in five straight years.  That was enough to more than double his current AAV in exchange for a reasonable two-year term at 35.  It would be surprising to see him beat that in 2027 unless the point production heads more toward the 40s than the mid-20s.  Beauvillier rebounded a bit after a tough 2023-24 campaign and his playoff showing certainly helped his marketability as well.  Barring him getting back to the 40-point threshold, it’s difficult to see his market being too much stronger two years from now.  Sourdif is an interesting case with just four NHL games under his belt.  The Capitals paid a fairly high price for him (a second-round pick plus a sixth) so they clearly feel he’s capable of being a full-time contributor.  If he is, he’ll have arbitration rights in 2027 which would set him up nicely for his next contract.

Chisholm came over from Minnesota at the draft and quickly signed with Washington looking to avoid an arbitration hearing.  Last season was basically his first as being a regular so he didn’t have a great case to make for a big raise.  But he looks like a late bloomer and if he continues as a regular with the Capitals, he could move past the $2MM mark next time.  McIlrath has primarily been an AHL player in recent years, leading to this price just above the minimum.  He’s likely to be in a reserve role this season once again which should keep the cost low moving forward.

Signed Through 2027-28

G Charlie Lindgren ($3MM, UFA)
F Dylan Strome ($5MM, UFA)

It took a few years for Strome to establish himself but he has turned into quite the center in recent years for the Capitals, posting a point-per-game showing last season.  That type of production for the price of a second liner is quite the bargain.  If he can stay around this level of points over the next three seasons, his price tag could move more into the $8MM to $9MM range on his next contract.

Lindgren didn’t have the best of seasons in 2024-25 but his body of work with Washington has been that of an above-average backup.  This price comes in a little below the top of the backup market so if he can bounce back a bit relative to last season, Washington should do fine here.

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Eastern Notes: Konecny, Devils, Kuntar

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Philadelphia Flyers forward Travis Konecny is coming off a career-high 76-point season, but the 28-year-old will need to clear one final hurdle to truly elevate his game to the next level, writes the Hockey News’ Jonathan Bailey.

Konecny is coming off of a bit of a two-part season. He started 2024-25 with a bang, which included 17 goals in his first 38 games. However, he struggled mightily down the stretch, posting just seven goals in his final 44 games. What’s more, he was only able to light the lamp twice over the final 25 games of the season. Despite those struggles during the second half, Konecny (who skated in all 82 games and participated in the 4 Nations Face-Off), still finished with a career-high 0.927 points per game.

However, as Bailey sees it, Konecny will need to surpass the point-per-game mark to truly enter the conversation among the league’s elite. By doing so, Konecny will likely maintain consistent play throughout the season. While the 4 Nations Face-Off may have slowed Konecny’s steam down the stretch, his hope to participate with Team Canada in the 2026 Olympics will force a similar situation next season.

Elsewhere in the Eastern Conference:

  • While the organization has taken several steps forward in recent seasons, the New Jersey Devils believe they are now ready to truly compete for the Stanley Cup. Per NHL.com’s Mike G. Morreale, New Jersey assistant general manager Dan MacKinnon said, “To put it succinctly, it’s time to take another step.”  MacKinnon acknowledged that injuries played a role down the stretch last season, which ended with a five-game, first-round loss to the Carolina Hurricanes. Injuries last season included Jack Hughes missing the remainder of the year after undergoing shoulder surgery in March, as well as defensemen Luke Hughes and Brenden Dillon going down in Game 1 of the playoffs. All three are expected to be ready to go to start next season, and the additions of veterans like Connor Brown and Evgenii Dadonov should only help the cause. “I think the one thing we were looking for is better 5-on-5 play, and you look at the goal totals of Brown and Dadonov, a majority come at 5-on-5,” said GM Tom Fitzgerald. “We feel we’ve definitely added to what we felt we needed in depth. But, again, you want players to level out and be consistent with their play from October to the end of the season.”
  • Forward Trevor Kuntar, 24, signed a one-year deal with the Buffalo Sabres’ AHL affiliate, the Rochester Americans, seeking not only a fresh start but also the opportunity to follow in his father’s footsteps and play for his hometown team, per team reporter Andrew Mossbrooks. Kuntar, a native of the Buffalo area, signed with Rochester after spending the last two seasons in the Boston Bruins organization. After three seasons at Boston College, Kuntar signed with the Boston and appeared in 124 games with the AHL’s Providence Bruins, posting 13 goals and 32 points. Kuntar is now set to wear the same jersey his father, Les Kuntar, wore for Rochester during the 1996-97 season.

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