The NHL’s Board of Governors approved a partial sale of the Lightning from majority owner Jeff Vinik to a group of investors led by Doug Ostrover and Marc Lipschultz, the team announced today. The sale was approved on Oct. 1, one week before the regular season began. David Pagnotta of The Fourth Period reports that Ostrover and Lipschultz’s group have become majority owners of the franchise by a slight margin with the transaction, which valued the Lightning at $1.8B.
Back in August, Elliotte Friedman of Sportsnet reported that Ostrover’s group was working on acquiring a majority stake. However, that’s not where discussions between him and Vinik Sports Group began earlier this year, Pagnotta said. It’s an incredible return on investment for Vinik, who purchased the franchise in 2010 at a paltry $93MM valuation (per Pagnotta) – a 21.4% rate of return over 14 years.
Per the details of the agreement made public by the Lightning, Vinik will retain full control over the team’s hockey operations department and continue serving as team governor for the next three years. That control will transfer to Ostrover and Lipschutz in 2027. According to the team, Vinik still plans on remaining with the organization as a minority owner, alternate governor, and board of directors member.
Under Vinik’s ownership, the Lightning had their most extended period of success. They’d won a championship before, defeating the Flames in the 2004 Stanley Cup Final, but weren’t a consistent championship contender from year to year. But in Vinik’s 14 full seasons as majority owner, Tampa made the playoffs 11 times, won the Stanley Cup twice (2020, 2021), and advanced to at least the Eastern Conference Final seven times total, including their Cup wins and two Stanley Cup Final losses (2015, 2022).
Ostrover and Lipschutz are founders of Blue Owl Capital, an alternative investment asset management company. The team said they were connected with Vinik through their relationship with Lightning minority ownership firm Arctos.