Jeff Vinik’s 14-year tenure as majority owner of the Tampa Bay Lightning could soon come to an end as Sportsnet’s Elliotte Friedman shares that Tampa Bay has begun a multi-stage process to sell the team. Friedman adds that the sale would turn ownership over to Doug Ostrover, co-CEO of Blue Owl Capital and a minority partner of the ownership group that recently purchased the NFL’s Washington Commanders.
Ostrover will pay a pretty penny for Tampa Bay’s majority reign, with Friedman also sharing that the sale values the Lightning franchise at close to $2B – roughly double the price paid in the NHL’s most recent, record-breaking sale: Michael Andlauer’s $950MM purchasing of the Ottawa Senators.
Meanwhile, Vinik will retain both his operational duties with the team and a large stake of ownership. He originally bought the Lightning for $170MM in 2010, amid a desolate time for Tampa Bay fans despite being six years removed from their first Stanley Cup. Vinik quickly cut through the gloom, bringing in an influx of funding and instilling NHL legend Steve Yzerman as the club’s general manager. It was Yzerman who commanded Tampa’s surge back to the top of the NHL, on the back of head coach hires Guy Boucher and Jon Cooper and draft-day steals like Nikita Kucherov, Ondrej Palat, Brayden Point, and Anthony Cirelli. The new construction propelled Tampa Bay to the 2015 Stanley Cup Finals, though they’d need a few more years of seasoning – and the handoff of GM duties from Yzerman to Julien BriseBois – before the Lightning could win Cups in 2020 and 2021.
It’s now a summer of change for the Lightning franchise, who also lost franchise icon Steven Stamkos to free agency this summer. They’ve responded to that move with the additions of Jake Guentzel, Cam Atkinson, and Conor Geekie – though Tampa hasn’t yet named Stamkos’ successor as team captain. Vinik’s maintained presence should keep this sale from influencing the on-ice product too much, though it will be a process worth monitoring as Ostrover looks to continue his investment in American sports.
Damn talk about a good return on investment for Vinik
Well this could be troubling for one of the best run organizations not just in the NHL but in all of sports. Yes, Jeff Vinik is sticking around as part owner to various extents but Doug Ostrover is going to be majority owner. What type of owner will Ostrover be? Will he invest in the team & actively keep the organization running like a well oiled machine or will he just be an owner who owns the team & just is happy to be an owner but doesn’t care about the product in office or on ice. There is more questions than answers right now.
Lightning fans have to be concerned as the future is really a question mark now.
Awful news as a Lightning fan.
Vinik helped turn this team around and offered good decision-making, passion, and leadership. Taking a quick look at the state of the Commanders and I’m very worried. I feel like he will want to recoup his money he used to purchase the team by cutting players/salaries and try to cheap-win like the Rays. I really hope I’m wrong about all this but losing Vinik would be a huge blow to the organization.