How the Lightning majority-share sale came together

TAMPA — When Jeff Vinik sat down for lunch in January with Doug Ostrover for the first time, he had no intentions of selling his majority share of the Lightning.

But if there's anything that could be more important to Vinik than owning the NHL team, it's ensuring that the organization is in capable hands for years to come. Of all his successful business projects, taking the Lightning from a franchise in disarray to one of the model organizations in professional sports might be what makes him most proud.

The more he got to know Ostrover and Marc Lipschultz — two self-made Wall Street billionaires who have a combined net worth of $5.1 billion, according to Forbes — the more he was sold on that these were two guys he wanted to partner with. He trusted them with the future of the franchise.

"We just hit it off right from that first conversation," Vinik said Monday.

Ostrover and Lipschultz, co-CEOs of Blue Owl Capital, were looking for an ownership share with a path to control. Their firm has ownership stakes in three NBA teams, and Ostrover and Lipschultz are minority members of the Washington Commanders' ownership group. Ostrover had been studying the hockey landscape but it had "never been the right fit."

"I had no desire in the beginning for it to be a majority piece; I love owning it," Vinik said of the Lightning. "But the only way to get these guys was to give them a majority piece. ... We spent so much time together. It got so comfortable that these guys are going to become my friends, if they're not friends already, and it can be fun having them involved in the organization."

After meeting with Vinik the first time, where Ostrover was presented with all of the organization's accomplishments under VInik — from the back-to-back Stanley Cups and four trips to the Cup final to the extraordinary community involvement and philanthropy — Ostrover called Lipschultz.

"This is the one. We've got to figure out how to get this done," he recalled telling his business partner.

Anytime there's an ownership change, there's concern that the new guys are going to come in and change everything. But Ostrover and Lipschultz wanted to buy in on the Lightning because of what's already been established. Ostrover, who plans to spend a lot of time in Tampa, joked that he will be Vinik's intern.

"Our model is, let's buy great businesses, a culture that fits with great leadership, and let those leaders continue to lead," Ostrover said. "And I can tell you, I think we're both on the same page, whether we have control, Jeff has control, we really view it as a partnership."

All three ensured that ownership will continue to give the hockey operations department all the resources to win — including a commitment to spend to the salary cap — and build on that. Both Ostrover and Lipschultz said that the team's charitable role in Tampa Bay won't change.

"I think the lessons learned — I mean, we've bought a lot of companies over time — is that it does come down to not who owns them. It comes down to who runs them. It comes down to who, every day, makes the trains go and run on time," Lipschutlz said. "An owner is there to provide maybe some vision, but certainly some sponsorship and a commitment to excellence, but it gets down to making sure you have the right people on the field — sort of on the ice, in this case — literally and figuratively."

Ostrover said he and his wife, Julie, attended the Lightning Launch event in September, when season-ticket holders, partners and suite holders were invited to see their names frozen into Amalie Arena's center-ice logo.

"You realize the passion for this team and just how important this team is to the community, and what a responsibility it is," Ostrover said. "And these were people on a Friday night just coming to basically see their name in the ice. ... We left and I called Marc, saying, 'Look, this is really special.' "

Ostrover went on to add: "I do think financially, this is going to be a great investment, but that's maybe 10% of the reason we're doing it. We want to become immersed in the community, get really involved and really become a part of the fabric, not just in the community, but of this organization. And we're at that point our careers where we can start doing more of that."

During negotiations, Vinik said the new owners initially wanted to wait five years before taking control of the team, but Vinik thought that was too long.

"Not for my personal life, but because of the way that (the transition) is going to evolve," Vinik said. "I think that's too long for you guys to not be in a majority position. So let's agree on three years. I think that works perfect for me. It works perfect for you guys."

Vinik reiterated he's not looking to get out. Just as he will consult Ostrover and Lipschultz about decisions, they will consult him when they take over in late 2027. He has sold off some of his investments, including his shares of the Water Street project that has transformed arena parking lots into a bustling area next to Amalie. And in recent years, he sold 30% of his majority share to Arctos, which he said has helped the Lightning.

But he's still all in on his passion to make the Lightning the best they can be on and off the ice. One example: There's still no small talk with him while the game is going on when sitting in his box at Amalie, as Ostrover and Lipschultz learned first hand.

"I could very well be involved with the Lightning and this organization and these guys until the day I die," Vinik said. "I love being in Tampa. Tampa is my home. It's going to continue to be my home. I'm living at the EDITION (residences) now, so I can leave at 7:04 and make puck drop at 7:08. I plan to continue to do that. I love doing that. This is about continuity and taking us to another level, if anything."

"I want to see this go for five, 10, 20, 30 years," Vinik added. "I want to see this momentum we've built up and the excellence we think we've achieved. We want this perpetuated for as long as possible."

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