Jeff Vinik sells majority stake in Lightning, but is sticking around

TAMPA, Fla. — Jeff Vinik has sold a majority interest of the Tampa Bay Lightning, along with his Vinik Sports Group, to a pair of Wall Street investors and their partners.

Vinik, who has been widely praised for his philanthropy around Tampa Bay and willingness to spend freely to keep the Lightning atop the standings, has retained a minority share of the franchise and will run the team for the next three years while continuing to serve as the team’s governor in NHL matters.

Doug Ostrover and Marc Lipschultz, who co-founded an investment firm that later merged to become Blue Owl Capital Corp., will sit on a Lightning board of directors, along with Vinik, that will oversee the direction of the franchise. In three years, control of the team will be turned over to Ostrover and Lipschultz, although Vinik will remain as a minority partner, board member and alternate governor.

At least in the short term, little is expected to change, with CEO Steve Griggs and general manager Julien BriseBois still in charge of the day-to-day business and hockey operations.

It is believed that Vinik, who is 65 and in the middle of a divorce with his wife, Penny, wanted to set up a succession plan to ensure the team’s future success.

“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 prepared 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.”

Vinik, who purchased the team, arena lease and 5 acres nearby for a reported $170 million in 2010, has guided the Lightning through a remarkable period of success. The Bolts have reached the postseason in 11 of Vinik’s 14 seasons, with four Eastern Conference championships and two Stanley Cups.

“Jeff’s been very open. He’s very transparent,” Lightning coach Jon Cooper said Thursday. “And what he’s done is make sure that he’s not putting the team in a situation where bringing in different owners or majority owners down the line, it’s not going to affect what has transpired here for the last 15 years.

“In my meetings with Mark and Doug and the group, it’s outstanding. These guys — they seem outstanding, and they have an excitement level, just as Jeff did 15 years ago. They’re all about community, team, how we can help everybody — not just ourselves, but everybody in this city. And you’ve really got to love that. So I think Jeff has put us in some good hands.”

Neither the purchase price nor a breakdown of ownership shares was released. Sportsnet previously had reported the team was valued at nearly $2 billion.

Since arriving in Tampa from Boston, Vinik methodically expanded his business interests and influence on the community.

Along with the Lightning, the Vinik Sports Group controls the lease at Amalie Arena as well as the Yuengling Center on USF’s Tampa campus. Vinik also was involved in the transformation of real estate around Amalie as hotels, condos, health facilities and restaurants emerged in the last decade.

Vinik has maintained a reliably high-profile role in charitable efforts throughout the region. The Lightning Community Hero program has awarded a $50,000 grant at every home game since 2011, with the tally now closing in on $32 million. All told, the Vinik family has donated more than $60 million to local nonprofits.

In the past couple of years, Vinik has begun pulling back from many of his business interests. He sold his stake in the land development company around Amalie Arena to Bill Gates’ Cascade Investment and sold a minority stake in the Lightning to Arctos Sports Partners, a private equity firm that invests in professional sports franchises. Arctos also has sold some of its interest in the team to Ostrover and Lipschultz.

Ostrover, originally from New Jersey, has a net worth of $3.2 billion, according to Forbes. Lipschultz’s net worth is estimated at $2.3 billion.

The NHL’s Board of Governors approved the sale earlier this month.

“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,” Ostrover said in a statement. “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.”

Along with Ostrover and Lipschultz, the new ownership group now includes Scott Dahnke, Adam Gerry, Bill Janetschek, Pete Labbat, David Moore, Daniel Och, Nicole Sanzosti Padgett, Perry Sook and Brian Schwartz.

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Tampa Bay Times staff writer Eduardo A. Encina contributed to this report.