With the mission of ensuring “lasting success,” Jeff Vinik’s sale of majority ownership in the Tampa Bay Lightning was made official Thursday.
Vinik confirmed that a group of investors led by self-made Wall Street billionaires Doug Ostrover and Marc Lipschultz purchased a controlling portion of the team and the Vinik Sports Group that manages it.
“Bringing in the right partners, with the right values, and a strong commitment to our culture is the way we ensure lasting success for the Tampa Bay Lightning,” Vinik said in a news release announcing the sale. "We have built a legacy of which I am proud and I want it to endure for generations."
Financial specifics were not disclosed, but the sale reportedly raises the team’s valuation to $1.8 billion. The transaction was approved by the NHL Board of Governors on Oct. 1.
The announcement did bring details of an organizational structure, beginning with a new board of directors to oversee strategic direction for Vinik Sports Group.
As expected, Vinik will run the team and act as governor for the next three years. After that, control will go to Ostrover and Lipschultz, and Vinik will remain an active partner as an alternate governor and board member.
The sale includes a slice of the team owned by Arctos Sports Partners, which bought into the Lightning in 2023. Arctos, a sports private equity firm with investments in several franchises, will remain a minority partner in Tampa Bay.
“Having personally known Doug and Marc for a long time, watching them build and lead with integrity, I believe they will be excellent stewards of the Tampa Bay Lightning,” Ian Charles, Arctos' co-founder and co-managing partner, said in the news release. “We are pleased to generate meaningful liquidity for our investors, but even more excited about what Jeff, Doug, Marc and Arctos are going to continue to build together.”
Ostrover, 62, and Lipschultz, 55, are co-founders and co-CEOs of Blue Owl Capital, an asset management company that specializes in private credit with $165 billion in assets under management, according to Forbes.
Ostrover, who grew up in New Jersey and lives in Connecticut, has a net worth of $2.8 billion, according to Forbes. Lipschultz, who is from Minnesota, lives in New York and has a new worth of $2.3 billion.
According to Vinik, "Both are excited to become part of the Tampa Bay community."
Ostrover and Lipschultz are also minority owners in the NFL’s Washington Commanders, and Blue Owl maintains minority stakes in the NBA’s Minnesota Timberwolves, Atlanta Hawks and Sacramento Kings.
“We look forward to embracing the Tampa Bay community and partnering with Jeff to build on the team’s success and championship legacy," Ostrover said in the news release. "We are excited to be a part of a league with such incredible growth and momentum.”
Running the organization
Beyond the Lightning, Vinik Sports Group's assets include the lease on Amalie Arena, which is owned by Hillsborough County. Vinik has invested more than $100 million worth of renovations into the facility over the past decade, including the recent $6.5 million addition of an outdoor digital video wall.
Vinik Sports Group also manages the multimedia 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.
There will be no change in the day-to-day hockey operations, Vinik said.
Steve Griggs will remain as CEO and vice chairman for Vinik Sports Group and the Lightning, and Julien Brisebois will stay as general manager. Both will continue as alternate governors.
“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 said. “Doug and Marc share my commitment to providing the Lightning with all the resources they need to excel."
A community investor
Vinik paid $170 million for a Lightning team in financial shambles in 2010 and turned it 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 addition, his Vinik Family Foundation has donated over $75 million to local nonprofits.
Vinik, 65, made 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.
Vinik and his family moved to Tampa and became rooted in the community, including a partnership with Cascade Investment in the development of the 50-acre Water Street Tampa project downtown. Last year, Vinik sold his controlling share to the developer Strategic Property Partners to Cascade.
Vinik was represented in the negotiations by Hogan Lovells and Andalusian Sports Advisors. Ostrover and Lipschultz were represented by Katten Muchin Rosenman and Inner Circle Sports.
Lightning minority investors also include Adam Gerry, Nicole Sanzosti Padgett, Brian Schwartz, Perry Sook, Scott Dahnke, Pete Labbat, Daniel Och, David Moore and Bill Janetschek.
