Tampa Bay Lightning Chairman & Governor Jeff Vinik and Vinik Sports Group has 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. The transaction, which will take effect immediately, was approved by the NHL’s Board of Governors on October 1, 2024.
Vinik was represented by Hogan Lovells and Andalusian Sports Advisors. Ostrover and Lipschultz were represented by Katten Muchin Rosenman and Inner Circle Sports.
In particular, the Hogan Lovells deal team was led by partners Craig Umbaugh, Global Head of Sports, Media, and Entertainment (M&A, Denver) and Mark Kurtenbach (M&A, Denver), with support from partner Mark Weinstein (Tax, Pensions & Benefits, New York), senior attorney Samuel Posnick (M&A, Denver), senior associate Stephen Weinstein (Tax, Pensions & Benefits, Washington, D.C.), and associate Hanna Wynn (M&A, Denver).
Vinik will retain full control of the team and act as the team’s 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, control will transfer to Ostrover and Lipschultz. Vinik will then remain an active ownership partner as an Alternate Governor and Vinik Sports Group board member.
There will be no change in the day-to-day operations of the Lightning and Vinik Sports Group as a result of this agreement. Vinik Sports Group and Tampa Bay Lightning CEO and Vice Chairman Steve Griggs and Lightning General Manager Julien BriseBois will both remain in their positions and serve as Alternate Governors with the NHL. As part of the transaction, Arctos will sell a portion of its interest in the team alongside Vinik and remain a minority partner in the franchise. Ownership remains committed to providing the hockey operations team with all the resources necessary to bring the Stanley Cup back to Tampa Bay.
“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. “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.”
“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,” added Doug 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.”
Ostrover and Lipschultz were introduced to Vinik through their relationships with Arctos.
“Today’s announcement highlights the impact our firm’s network, insights and capabilities have on our sports franchise owners and partners. Having personally known Doug and Marc for a long time, watching them build and lead with integrity, I believe they will be excellent stewards of the Tampa Bay Lightning,” said Ian Charles, co-founder and co-managing partner of Arctos. “We are pleased to generate meaningful liquidity for our investors, but even more excited about what Jeff, Doug, Marc and Arctos are going to continue to build together.”
“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. We have built a legacy of which I am proud and I want it to endure for generations,” added Vinik.
After purchasing the Tampa Bay Lightning in 2010, Vinik relocated to Tampa, Florida. Under Vinik’s leadership, the team has reached organizational highs on and off the ice, winning back-to-back Stanley Cup Championships and granting more than $60 million in funding to local non-profits and causes through the Vinik Family Foundation and the Lightning Community Heroes program.
In addition to Doug Ostrover and Marc Lipschultz, the new Tampa Bay Lightning ownership group includes Adam Gerry, Nicole Sanzosti Padgett, Brian Schwartz, Perry Sook, Scott Dahnke, Pete Labbat, Daniel Och, David Moore and Bill Janetschek.
