Tampa Bay Lightning Sells Stake to Investors

Jeff Vinik, Chairman and Governor of the Tampa Bay Lightning, has sold a portion of the franchise and Vinik Sports Group to investors led by Doug Ostrover and Marc Lipschultz. The transaction, valued at nearly $2 billion, was approved by the NHL's Board of Governors and will take effect immediately. Vinik will maintain full control of the team for three years, after which control will transfer to Ostrover and Lipschultz, though Vinik will remain an active ownership partner. The day-to-day operations of the team will not change, with CEO Steve Griggs and General Manager Julien BriseBois continuing their roles. This sale is part of a broader trend of private equity investments in professional sports teams, as valuations continue to rise. The sale also includes a partial stake owned by Arctos Partners, which will remain a minority stakeholder.