Jeff Vinik is still running the show at the Tampa Bay Lightning, but the team has a new majority owner.
The NHL Board of Governors on Tuesday approved the transfer of controlling interest in Vinik Sports Group, the company that owns the team, to a group led by billionaire investment manager Doug Ostrover.
The complex ownership transfer will take place over three years, according to NHL.com, which reported on the anticipated approval at the governors' meeting in New York City.
In August, Vinik confirmed he will maintain a significant stake in Vinik Sports Group, the umbrella group that owns the team and related assets, while continuing to lead the Lightning’s day-to-day operations.
At completion, the team’s value will be about $1.8 billion, according to Canadian sports network Sportsnet. That’s about double the current NHL standard of $950 million, paid by Michael Andlauer for the Ottawa Senators in 2023.
Ostrover, 62, is the co-founder and CEO of asset management company Blue Owl Capital and has a net worth of $2.8 billion, according to Forbes.
Vinik, 65, 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.
In 2022, Vinik sold a minority share of Vinik Sports Group to private equity firm Arctos Sports Partners.
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 group manages the Yuengling Center arena on the USF Tampa campus.
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.
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.
This week, the foundation donated $2 million to benefit first responders and teachers affected by Hurricane Helene.
Vinik 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.
The NHL Board of Governors also approved Andlauer’s purchase of an additional 12 percent stake in the Senators from George Armoyan, according to NHL.com.
