The Tampa Bay Lightning sold a stake in the NHL club to a group of investors led by Doug Ostrover and Marc Lipschultz, the team announced Thursday morning. For the next three years, current owner Jeff Vinik will keep full control of the franchise and serve as the team’s governor before control transfers to Ostrover and Lipschultz.
Financial details were not disclosed in the team’s announcement. Ostrover and Lipschultz, who are co-CEOs of asset manager Blue Owl Capital, are buying just over 50% of the franchise at a valuation of $1.8 billion, according to multiple people familiar with the details who were not authorized to speak publicly. Unlike the Nashville Predators’ sale, where payments occurred over several years, Ostrover and Lipschultz will pay for their entire stake within the next year.
Vinik will remain an ownership partner and alternate governor after the transfer in three years. Vinik bought the team in 2010 for $93 million and has turned it into one of the league’s best franchises on and off the ice. Revenue has surged from the bottom of the NHL to a top 10 team. The team has made the playoffs 10 of the past 11 years, including four Stanley Cup Final appearances and back-to-back titles in 2020 and 2021.
The transaction will take effect immediately. The NHL’s Board of Governors approved the deal on Oct. 1.
As part of the agreement, Arctos Partners will sell a portion of its interest in the team alongside Vinik and remain a minority partner in the franchise. Arctos initially invested in the Lightning at the end of 2021 and increased its stake last year. The 2023 sale required a special waiver from the league, as it exceeded the ownership cap rules for private equity that limit a single fund from owning more than 20% of a franchise.
Ostrover and Lipschultz were introduced to Vinik through their relationships with Arctos, according to the Lightning.
The new Lightning ownership group also includes Adam Gerry, Nicole Sanzosti Padgett, Brian Schwartz, Perry Sook, Scott Dahnke, Pete Labbat, Daniel Och, David Moore and Bill Janetschek.
Hogan Lovells and Andalusian Sports Advisors represented Vinik in the transaction. Ostrover and Lipschultz were represented by Katten Muchin Rosenman and Inner Circle Sports.
