Tampa Bay Lightning owner Jeff Vinik confirmed Tuesday that he is in discussions to sell his majority stake in the hockey team and Vinik Sports Group, but will retain daily control for the next few years.
The multistage process will value the Lightning at nearly $2 billion, and Vinik will still hold a significant ownership stake.
Sportsnet first reported Vinik is negotiating with Doug Ostrover, the co-founder and CEO of asset management company Blue Owl Capital. Ostrover, 62, who lives in Connecticut, has a net worth of $2.8 billion, according to Forbes.
In a statement, Vinik said “there will be no change in the day-to-day operations of the Lightning.”
"I can confirm that we are in discussions to further expand our ownership group of the Tampa Bay Lightning," Vinik said. “I am very excited about what it is to come to the organization, and we look forward to sharing more when the time is right."
Vinik, who purchased the Lightning in 2010 for a reported $170 million, turned the team into a perennial NHL contender. Under his ownership, Tampa Bay has made four Stanley Cup Final appearances and won back-to-back championships in 2020 and 2021.
The sale must be approved by NHL owners.
The reported team value would more than double the current NHL standard of $950 million, which was paid by Michael Andlauer for the Ottawa Senators in 2023. (This does not include the complex Arizona Coyotes transaction, in which Ryan Smith paid $1.2 billion to the league and moved the franchise to Utah this year.)
Last year, Vinik sold his controlling share of Water Street Tampa developer Strategic Property Partners to its business partner, Cascade Investment. The ongoing project entails more than 50 acres in the downtown area that surrounds the team's waterfront home, Amalie Arena.
Beyond the Lightning, Vinik Sports Group assets include the lease on Amalie Arena, which is owned by Hillsborough County. Vinik has invested more than $100 million worth of renovations to the facility over the past decade.
Vinik Sports Group also manages the muiltimedia rights for the University of South Florida's intercollegiate sports programs, and a division of the ownership group manages the Yuengling Center arena on the USF Tampa campus.
Since purchasing the Lightning, his Vinik Family Foundation has donated over $75 million to local nonprofits, including those involved in education, human services, health care and the arts.
Vinik, 65, purchased the Lightning after making a fortune operating his own hedge funds and managing Fidelity's flagship Magellan Fund. His net worth is estimated at more than $600 million. He remains a part-owner of baseball’s Boston Red Sox.
