The Tampa Bay Lightning chairman Jeff Vinik has sold a significant portion of the team’s ownership to a powerful investor group.
Despite Hurricane Milton causing challenges at the start of the Tampa Bay Lightning’s 2024-25 NHL season, Vinik, who purchased the team for ** $ 93 million** in 2010, is officially relinquishing over 50% of the team.
The sale received approval from the NHL’s Board of Governors on October 1st and 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.’
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.
More info ⬇️https://t.co/4oppq3tAOm
— Tampa Bay Lightning (@TBLightning) October 24, 2024
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 began with high expectations. The team made significant changes over the summer to reach its goals: Mikhail Sergachev and Steven Stamkos, two key players, departed for the Utah Hockey Club and the Nashville Predators, respectively, while Jake Guentzel signed a long-term contract with the organization. Additionally, Victor Hedman was named captain, signaling a new era in the Lightning’s leadership.
Given these developments, the Lightning are positioned to improve and maintain success for years to come. Investing in a team in this situation carries minimal financial risk, as it’s unlikely to lose value over time, especially with everyone dedicated to reclaiming the Stanley Cup for Tampa.
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