Jeff Vinik, chairman and governor of the Tampa Bay Lightning, sold a significant portion of the team and Vinik Sports Group to a group of investors, led by Doug Ostrover and Marc Lipschultz.
The NHL’s Board of Governors approved the sale on Oct. 1. The deal is effective immediately.
Vinik will retain full control of the Lightning for the next three years and will continue as governor. After that, control will transfer to Ostrover and Lipschultz. Vinik will stay involved as an alternate governor and a member of the board of Vinik Sports Group.
Vinik bought the team in 2010. Under his leadership, the Lightning won two consecutive Stanley Cup championships and donated more than $60 million to local nonprofits, through the Vinik Family Foundation and the Lightning Community Heroes program.
Vinik said he is confident in the new ownership group. “Doug and Marc share my commitment to supporting the Lightning and are excited to become part of the Tampa Bay community,” he said in a statement. “I’m confident that, with the ongoing leadership of Steve Griggs and Julien BriseBois, this organization will continue to be successful.”
Daily operations of the team and Vinik Sports Group will remain the same. Griggs will continue as chief executive officer and vice chairman and BriseBois will remain as general manager. Both will also serve as alternate governors in the NHL.
The sale also involves Arctos, a private equity firm that previously held a minority stake in the franchise. Arctos will sell part of its interest, alongside Vinik, but will remain a minority partner.
The new ownership group includes Adam Gerry, Nicole Sanzosti Padgett, Brian Schwartz, Perry Sook, Scott Dahnke, Pete Labbat, Daniel Och, David Moore and Bill Janetschek.