Lightning Working on Sale Worth Nearly $2 Billion

The Tampa Bay Lightning are beginning a multi-stage sale process.

Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena. Mandatory Credit: Douglas DeFelice-USA TODAY Sports / Douglas DeFelice-USA TODAY Sports

The Tampa Bay Lightning have begun a multi-stage sale process that will value the team at nearly $2 billion, Sportsnet's Elliotte Freidman reports.

Friedman adds that the purchaser is believed to be Doug Ostrover, co-founder and CEO of investment firm Blue Owl Capital. The deal is reportedly not done yet, and there will be no immediate change in ownership control or day-to-day operations.

Current owner Jeff Vinik will reportedly retain full operational control for the next few years and retain a significant ownership stake with the new group. Vinik purchased the Lightning for a reported $170 million in 2010, and is widely hailed as one of the NHL's best owners due to his great work in the community.

Additionally, Vinik has breathed new life into the Lightning, who were in a very rough spot before he purchased the team but are now consistently among the top teams in the league. Under his ownership, Tampa Bay has made four Stanley Cup Final appearances and won back-to-back championships in 2020 and 2021.

When the sale goes through, it would set the benchmark as the largest in NHL history. The current record is $950 million, the price Michael Andlauer bought the Ottawa Senators for last year. Presumably, the sale of the Arizona Coyotes to the NHL for $1 billion, and the league subsequently selling those assets to Ryan Smith for $1.2 billion, is not included due to the unusual nature of the transaction.

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