TAMPA, Fla. (AP) — Tampa Bay Lightning owner Jeff Vinik announced Thursday that he has sold a majority stake of the NHL team but will retain control of the franchise for the next three years.
The team said the sale for an undisclosed price to a group of investors led by Doug Ostrover and Marc Lipschultz was approved by the NHL board of governors on Oct. 1.
Under terms of the deal, Vinik will retain full control of the team and act as the Lightning’s governor.
“Vinik, Ostrover and Lipschultz have created a board of directors to oversee the strategic direction of the organization,” the team said in a statement.
“In three years, control will transfer to Ostrover and Lipschultz,” the Lightning added. “Vinik will then remain an active ownership partner as an alternate governor and Vinik Sports Group board member.”
Since Vinik took control of the team in 2010, the Lightning have made the playoffs 11 times in 14 seasons and won two Stanley Cup titles.
“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 and are excited to become part of the Tampa Bay community.”
Day to day operations of the club will not change under the new ownership arrangement, with CEO and vice chairman Steve Griggs and general manager Julien BriseBois remaining in their current positions.
“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. “We have built a legacy of which I am proud and I want it to endure for generations.”
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The Associated Press
