In a significant change for the NHL, Tampa Bay Lightning chairman Jeff Vinik and his company, Vinik Sports Group, have chosen to sell part of their stake in the team. This decision was approved by the NHL's Board of Governors on October 1. According to WFLA, Doug Ostrover and Marc Lipschultz are the new co-owners, but Vinik will keep full control over the team and its operations for the next three years.
The arrangement also sees other named investors coming on board, with the inclusion of figures such as Adam Gerry, Nicole Sanzosti Padgett, and Perry Sook. Vinik is expected to continue to lead the organization as its governor until control, three years from now, will be handed over to Lipschultz and Ostrover. "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," Vinik told ABC Action News.
On the financial side of things, the terms of the deal were not disclosed publicly, but reports from CNBC suggest a valuation close to $2 billion. This figure signifies an impressive compound annual growth rate since Vinik took over the Lightning in 2010. This deal comes during a period where private equity has been ramping up its interest in acquiring stakes in U.S. sports franchises, a mark of just how lucrative these team investments have become.
Following the ownership change, daily operations are expected to stay the same under general manager Julien BriseBois and CEO Steve Griggs. "The Tampa Bay Lightning is one of the most respected and well-managed franchises across all of sports and that’s thanks to Jeff Vinik and his incredible team," Ostrover said, according to WFLA. Amid these changes, the Lightning are currently in second place in the Atlantic Division and aim to secure more victories this season.
