Jeff Vinik sells majority stake in Lightning, but sticks around

TAMPA – Jeff Vinik has sold a majority stake in the Tampa Bay Lightning, along with his Vinik Sports Group, to a pair of Wall Street investors and their partners.

Vinik, who has been widely praised for his philanthropy around Tampa Bay and his willingness to spend free agency to keep the Lightning atop the standings, has retained a minority stake in the franchise and will lead the team for the next three years while he remains serving as the leader of the franchise. team governor in NHL affairs.

Doug Ostrover and Marc Lipschultz, who co-founded an investment firm that later merged into Blue Owl Capital Corporation, will join Vinik on Lightning’s board of directors, which will oversee the direction of the franchise. In three years, control of the team will be transferred to Ostrover and Lipschultz, although Vinik will remain as minority partner, board member and deputy governor.

Little is expected to change at least in the short term with CEO Steve Griggs and general manager Julien BriseBois still responsible for day-to-day business and hockey operations.

It is believed Vinik, who is 65 and in the midst of a divorce with his wife Penny, wanted to put a succession plan in place to ensure the team’s future success.

“Since 2010, we have focused on building the Lightning into a world-class organization, and now we have found world-class partners who share our mission to be a community-first organization,” Vinik said in a statement. prepared statement. “Doug and Marc share my commitment to providing the Lightning with all the resources they need to excel and are excited to be part of the Tampa Bay community.

“I am confident that this organization, together with the continued leadership of Steve Griggs and Julien BriseBois, will continue to achieve success.”

Vinik, who leased the team and arena along with 5 acres nearby for a reported $170 million in 2010, has led the Lightning through a remarkable period of success. The Bolts have reached the postseason in eleven of Vinik’s fourteen seasons, with four Eastern Conference championships and two Stanley Cups.

“The Tampa Bay Lightning is one of the most respected and well-managed franchises in all of sports and that is thanks to Jeff Vinik and his incredible team,” Ostrover said in a statement. “Their commitment to excellence on and off the ice is one we share. We look forward to embracing the Tampa Bay community and working with Jeff to build on the team’s success and championship legacy.”

Neither the purchase price nor an ownership share breakdown was released. Sportsnet had previously reported that the team was valued at nearly $2 billion.

Since arriving in Tampa from Boston, Vinik methodically expanded his business interests and influence in the community.

Together with the Lightning, Vinik Sports Group manages the lease for Amalie Arena and the Yuengling Center on USF’s Tampa campus. Vinik was also involved in the transformation of real estate around Amalie as hotels, apartments, health facilities and restaurants sprang up over the past decade.

Vinik has reliably played a prominent role in charitable efforts throughout the region. The Lightning Community Hero Program has awarded a $50,000 grant at every home game since 2011, bringing the total to $32 million. All told, the Vinik family has donated more than $60 million to local nonprofits.

In recent years, Vinik has begun to withdraw from many of his business interests. He sold his stake in the land development company surrounding Amalie Arena to Bill Gates’ Cascade Investment and sold a minority stake in the Lightning to Arctos Sports Partners, a private equity firm that invests in professional sports franchises. Arctos has also sold part of its stake in the team to Ostrover and Lipschultz.

Ostrover, originally from New Jersey, has a net worth of $3.2 billion, according to Forbes. Lipschultz’s net worth is estimated at $2.3 billion.

The NHL Board of Governors approved the sale earlier this month.

Along with Ostrover and Lipschultz, the new ownership group now includes Scott Dahnke, Adam Gerry, Bill Janetschek, Pete Labbat, David Moore, Daniel Och, Nicole Sanzosti Padgett, Perry Sook and Brian Schwartz.

John Romano can be reached at [email protected]. Follow @romano_tbtimes.

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