October 24, 2024 | 9:35am ET
TheFourthPeriod.com

LIGHTNING SOLD AT $1.8 BILLION VALUATION

Stanley Cup champion Lightning team in 2021

The sale of the Tampa Bay Lightning was formally approved by the NHL’s Board of Governors on October 1, 2024, but details of the transaction are just coming out now after the team officially made the announcement Thursday morning.

Lightning Chairman & Governor Jeff Vinik and Vinik Sports Group today announced the sale of a portion of the Tampa Bay Lightning and Vinik Sports Group to a group of investors led by Doug Ostrover and Marc Lipschultz. Vinik will retain full control of the club and act as its Governor for the next three years before transferring control to Ostrover and Lipschultz.

Vinik will then remain an active ownership partner, as per the team’s release, as an Alternate Governor and Vinik Sports Group board member.

TFP’s David Pagnotta first reported in the spring that the Lightning were in negotiations to sell a percentage of the organization. As discussions progressed, the ownership percentage is believed to have increased to a majority stake.

Financial terms of the team were not disclosed, but Sportico reported Ostrover and Lipschultz are purchasing just over 50 percent of the franchise at a valuation of $1.8 million and will pay the entire fee within the next year.

“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,” said Vinik, who bought the Lightning in 2010 for $93 million. “Doug and Marc share my commitment to providing the Lightning with all the resources they need to excel and are excited to become part of the Tampa Bay community. I’m confident that together, with the ongoing leadership of Steve Griggs and Julien BriseBois, this organization will continue to find success.”

As part of the team’s release, no managerial changes will occur as a result of the sale of the team.

“The Tampa Bay Lightning is one of the most respected and well-managed franchises across all of sports and that’s thanks to Jeff Vinik and his incredible team,” said Ostrover. “Their commitment to excellence on-and-off the ice is one that we share. We look forward to embracing the Tampa Bay community and partnering with Jeff to build on the team’s success and championship legacy. We are excited to be a part of a League with such incredible growth and momentum.”