Just before a morning skate earlier this fall, Tampa Bay Lightning owner Jeff Vinik stepped into the locker room to address the team. But it wasn’t to praise or congratulate the Lightning on a job well done, like he has done before. It was to confirm a flurry of media reports: he was selling the team.
The former hedge fund manager was joined by two Wall Street investors, Doug Ostrover and Marc Lipschultz—who are buying just over 50% of the franchise at a valuation of $1.8 billion. The co-CEOs of asset manager Blue Owl Capital introduced themselves and along with Vinik reassured the players the organization will continue to operate at a top-tier level despite the upcoming transfer of power. Vinik, who bought the team for $93 million in 2010 as part of a pricier transaction involving other properties, can walk away after building the franchise into a perennial NHL contender, winning back-to-back Stanley Cups in 2020 and 2021.
“He did a great job of listening and hiring the right people,” defensemen and alternative captain Ryan McDonagh said in an interview. “For him, he can say he has won a Cup now and has probably accomplished his goals as an owner. He felt it was time to move on, but he’s made it certain to us that things won’t really change too much just because of ownership changing. … It’s still going to be one of the best places to play.”
Vinik will remain in control for the next three years, serving as team governor before the two executives and their incoming ownership group take the reins. The well-known local philanthropist, who will later serve as the Lightning’s alternative governor and a minority partner, recently made headlines for his parting gift: He’s divvying up about $20 million in bonuses between every full-time employee of Vinik Sports Group, which in total is about 300. The staff has helped the franchise become one of the league’s most elite franchises both on and off the ice which has attracted strategic investors like Arctos Partners.
“He isn’t around a ton but always said that he wanted to hire the right people to take charge and lead the team and draft players,” McDonagh said. “He wanted to figure out what it takes and [understand] what the players like at the practice facility and game rink. It was the whole package.”
It marks an end of an era that included 11 playoff appearances in 14 seasons. McDonagh, who was a key player on both Stanley Cup teams, will cherish the moments he lived across the memorable postseason runs, which included Vinik’s tradition of coming into the locker room with his family to congratulate the team each time it advanced to the next round of the playoffs. Or taking the trip over to Vinik’s house for Stanley Cup ring parties.
“We had a couple great nights,” he said. “It was the last little bit of celebration after having the Cup parade and banner raising and all that stuff. The rings are obviously a great piece of memorabilia to have for the rest of your life.”
McDonagh, who has also played for the Nashville Predators and New York Rangers, said the Lightning are one of the best NHL teams to play for given the quality of playing facilities, internal culture and the overall tight-knit, strong sports community that Tampa has developed over the years. He spoke to Sportico as he was raising awareness locally about the importance of understanding risk factors for cancer and getting screened by doctors.
The two-time champion mentioned that NHL franchises that are led by multiple controlling owners sometimes struggle to make firm decisions that will benefit the team, whether it’s around personnel or infrastructure. The former No. 12 overall draft pick, though, doesn’t feel like that will be the case with Lipschultz and Ostrover as they are set to take over as the top decision-makers alongside limited partners.
“They all seem to be on the same page. There’s not too many heads at the table,” said McDonagh.
Vinik, 65, already reassured the team that the two have the same mindset as himself and that things won’t change within day-to-day operations.
“I’m sure we’ll see them more, maybe the start of next season and going forward,” McDonagh added. “They seem like great people who have great ambitions with a similar drive as Mr. Vinik.”
