Jeffrey Vinik, owner of the Tampa Bay Lightning.
Adam Jeffrey | CNBC
The Tampa Bay Lightning ownership group is expanding.
Vinik Sports Group, run by mega-investor Jeff Vinik, is selling part of its National Hockey League team to a group of investors led by Doug Ostrover and Mark Lipschultz.
The terms of the deal were not disclosed, but previous reports indicate a valuation approaching $2 billion. The deal represents a compound annual growth rate of about 18%, based on the team's valuation in 2010 when it was sold to Vinik.
The deal was approved by the NHL Board of Governors on Oct. 1 and will take effect immediately, according to a press release. Vinik will retain control of the team after the deal and will remain team governor for the next three years. At that time, control will pass to Ostrover and Lipschultz.
Private equity firms were rushing to acquire stakes in professional sports teams in the United States. Recently, NFL owners voted to allow a select group of private equity firms to acquire up to 10% of teams.
Tampa Bay Lightning center Steven Stamkos (91) raises the Stanley Cup after the Lightning defeated the Dallas Stars in Game 6 of the 2020 Stanley Cup Final at Rogers Place.
Perry Nelson | USA Today Sports | Reuters
Deal-making has intensified as ratings among professional sports teams have risen.
As part of the Lightning deal announced Thursday, Arctos Partners will also sell part of its ownership and will remain a minority stakeholder.
Ostrover and Lipschultz are co-CEOs of Blue Owl Capital, an asset management firm with a sports strategy fund. They were introduced to Vinik through their connections with Arctos.
Arctos has a wide range of investments in sports, and was among the private equity investors recently approved to take stakes in the NFL. The firm, which earlier this year closed its second sports-focused fund, which has total commitments of $4.1 billion, owns nearly two dozen stakes in sports and esports teams.
The Lightning have won two Stanley Cup championships since 2020 and three championships overall. Vinick acquired the Lightning in 2010 for $110 million, and has since invested billions in real estate development in downtown Tampa Bay.
