Lightning Strikes Majority Deal With New Ownership

The Tampa Bay Lightning have a new majority ownership group and they reportedly paid an absurd amount for that stake.

Oct 22, 2024; Newark, New Jersey, USA; Tampa Bay Lightning defenseman Janis Moser (90) celebrates his goal against the New Jersey Devils during the third period at Prudential Center. Mandatory Credit: Ed Mulholland-Imagn Images / Ed Mulholland-Imagn Images

The Tampa Bay Lightning are several years removed from their back-to-back Stanley Cup championships, but they remain one of the top organizations in the NHL in 2024. The team is a highly coveted free agent destination, has a commendable front office and coaching staff, and a dangerous lineup.

It's no wonder then that the Lightning, who were previously owned in majority by Jeff Vinik and Vinik Sports Group, were seeking a huge return when the Vinik Sports Group put the team up for bid. What no one expected however, was the valuation of the organization to be so high.

The Lightning were officially purchased by a group led by Doug Ostrover and Marc Lipschultz, and the deal was ratified by the NHL's Board of Governors at the beginning of October, but the financial details were not made public. Now, Sportico and The Fourth Period are reporting on the suspected dollar amount involved and it is absurd.

According to the two outlets, the group led by Ostrover and Lipschultz are acquiring a majority stake in the team, at just over 50% control, at a valuation of roughly $1.8 billion dollars. Yes, your read that right. The Vinik group originally purchased the Lightning for $93 million and now get more than 10 times the return on their initial investment.

With the organization being worth nearly $2 billion, that makes the Lightning one of the most valuable teams in the NHL. According to Forbes' list of NHL team values, that $1.8 billion figure would give them the eighth-most valuable hockey team in the world, sitting just behind the Edmonton Oilers, Chicago Blackhawks, and Boston Bruins as the other organizations coming in just under the $2 billion mark.

The good news for Lightning fans is they don't have to say goodbye to the old ownership group immediately. The Fourth Period reports that there will be a gradual transition that will keep Vinik in his current role for a few more years before taking more of a backseat role.

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