From CNBC: 2024-10-24 11:30:07

The Tampa Bay Lightning’s ownership is expanding, with Vinik Sports Group selling a portion of the NHL team to a group of investors led by Ostrover and Lipschultz. The deal, approved by the NHL Board of Governors, has a valuation close to $2 billion, representing an 18% compound annual growth rate since Vinik’s ownership in 2010.

The transaction will allow Vinik to retain control of the team for the next three years before transferring control to Ostrover and Lipschultz. Private equity interest in professional sports teams is growing, with the Lightning deal reflecting the skyrocketing valuations in the industry. Arctos Partners will also sell a portion of its ownership and remain a minority stakeholder in the team.

Ostrover and Lipschultz, co-CEOs of Blue Owl Capital, have a sports strategy fund and were introduced to Vinik through their connections with Arctos. Arctos, a major private equity player in sports investments, was recently approved to acquire stakes in the NFL and has numerous stakes in sports and e-sports teams. The Lightning, under Vinik’s ownership since 2010, have won two Stanley Cup championships and have been a successful team overall.

Vinik, known for his investing savvy, acquired the Lightning for $110 million in 2010 and has invested billions in real estate development in downtown Tampa Bay. The deal with Ostrover, Lipschultz, and Arctos comes as private equity firms show increased interest in acquiring stakes in professional sports teams in the U.S.



Read more at CNBC: NHL Tampa Bay Lightning stake sold to investor group