The sale of a portion of the Tampa Bay Lightning has officially closed.
The team announced the closure of the transaction on Thursday. It will go into effect immediately.
The sale will see a group led by investors Doug Ostrover and Marc Lipschultz purchase a portion of the team. Jeff Vinik will retain full control of the team and his title of Governor for the next three years. Vinik, Ostrover and Lipschultz have created a Board of Directors to “oversee the strategic direction of the organization.” In three years, Ostrover and Lipschultz will take over control of the team but Vinik will remain an active partner as an Alternate Governor.
No details about the transaction were disclosed. In August, Sportsnet’s Elliotte Friedman reported the team was expected to be valued at around $2 billion.
The NHL Board of Governors approved the sale on Oct. 1.
Vinik purchased the Lightning in 2010 for a reported $170 million and the time since has been the most successful on the ice in the franchise’s history. The Lightning have made the Stanley Cup Final four times under Vinik, winning back-to-back titles in 2020 and 2021.
“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,” Vinik said in a statement. “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.”
