Lightning Owner Jeff Vinik Rewards Employees with $20 Million in Bonuses After Selling Majority Stake

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Julien Trekker
October 25, 2024 (6:51 PM)

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The Tampa Bay Lightning owner Jeff Vinik rewarded employees with $20 million in bonuses after he sold majority shares of the team.

Yesterday, after months of rumors, the Tampa Bay Lightning organization confirmed with an official press release that Jeff Vinik, owner of the team since 2010, decided to sell over 50% of the teamto a group of investors led by Doug Ostrover and Marc Lipschultz.

Vinik's story marks one of the most successful seen in the NHL. He bought the team for $93 million in 2010 and sold just over 50% for $1.8 billion.

In a new development, we learned that Vinik gave all full-time employees a bonus between 50 and 66k. Even though he'll remain in function for the next three years, he wanted to show his appreciation and commitment to the team's culture.

The owner sent a memo to all employees who received a bonus. Here's what he had to say:

"In recognition of the hard work and dedication that has made VSG a world-class+ organization, I'm pleased to announce that all full-time staff will be receiving a bonus on behalf of the Vinik Family. .. Thank you for the role you've played in making the Vinik Sports Group and the Tampa Bay Lightning an organization of which we can all be proud. Together, we have built something truly special.

As we look toward the future, it's important for me to be thoughtful and strategic in how we continue to grow. Bringing in the right partners with the right values and commitment to our culture is the way we ensure lasting success for Vinik Sports Group and the Tampa Bay Lightning."

Vinik's gesture will surely be appreciated by the employees. With Hurricane Milton causing a lot of damage in Tampa, that money will surely be put to good use by most people.