NHL Team Chairman Sells Major Portion of Ownership to Influential Investor Group in Groundbreaking Deal

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Julien Trekker
October 24, 2024 (11:38)

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The Tampa Bay Lightning chairman Jeff Vinik sold a significant portion of the team ownership to a powerful investor group.

Despite Hurricane Milton complicating the beginning of the Tampa Bay Lightning's 2024-25 NHL season, Jeff Vinik, who bought the team for $93 million in 2010, is officially parting ways with over 50% of the team.

The sale was approved by the NHL's Board of Governors on October 1st but was announced earlier today by the Lightning in an official press release:

"TAMPA BAY - Tampa Bay Lightning Chairman & Governor Jeff Vinik and Vinik Sports Group today announced the sale of a portion of the Tampa Bay Lightning and Vinik Sports Group to a group of investors led by Doug Ostrover and Marc Lipschultz. The transaction, which will take effect immediately, was approved by the NHL's Board of Governors on October 1, 2024.

Vinik will retain full control of the team and act as the team's Governor for the next three years. Vinik, Ostrover, and Lipschultz have created a Board of Directors to oversee the strategic direction of the organization. In three years, control will transfer to Ostrover and Lipschultz. Vinik will then remain an active ownership partner as an Alternate Governor and Vinik Sports Group board member.

There will be no change in the day-to-day operations of the Lightning and Vinik Sports Group as a result of this agreement. Vinik Sports Group and Tampa Bay Lightning CEO and Vice Chairman Steve Griggs and Lightning General Manager Julien BriseBois will both remain in their positions and serve as Alternate Governors with the NHL. As part of the transaction, Arctos will sell a portion of its interest in the team alongside Vinik and remain a minority partner in the franchise. Ownership remains committed to providing the hockey operations team with all the resources necessary to bring the Stanley Cup back to Tampa Bay."

Jeff Vinik, who will remain in function for the next three years before stepping down as Alternate Governor and board member, provided his comments on the sale:

"Since 2010, we have focused on building the Lightning into a world-class organization, and now we've found world-class partners who share in our mission of being a community-first organization. Doug and Marc share my commitment to providing the Lightning with all the resources they need to excel and are excited to become part of the Tampa Bay community. I'm confident that together, with the ongoing leadership of Steve Griggs and Julien BriseBois, this organization will continue to find success."

Once again this season, the Lightning entered the season with high expectations. The team made massive changes in the summer to achieve its goals: Mikhail Sergachev and Steven Stamkos, two pillars of the team, left for the Utah Hockey Club and the Nashville Predators; while Jake Guentzel signed a long-term contract with the organization. Victor Hedman was also named captain, marking a new era in the Lightning's leadership.

Putting all this into account, the Lightning are in a position to get even better and remain successful for years. Buying a team in this situation isn't a financial risk, as we can't see how it could lose value over time, especially with everyone committed to bringing the Stanley Cup back to Tampa.