An investor group purchases a stake in the NHL's Tampa Bay Lightning, which was previously owned by Jeff Vinik.

• Jeff Vinik has sold a stake in the NHL's Tampa Bay Lightning to a group of investors led by Doug Ostrover and Marc Lipschultz of asset manager Blue Owl Capital.
• The Lightning's governor, Vinik, will continue to lead the team for the next three years.
• The Lightning will sell a portion of its stake to Arctos, who will retain a minority stakeholder.

The Tampa Bay Lightning's ownership group is expanding.

Jeff Vinik, the titan investor who runs Vinik Sports Group, is selling a portion of the National Hockey League team to a group of investors led by Doug Ostrover and Marc Lipschultz.

The team's valuation in 2010 when it sold to Vinik was $110 million, and the transaction represents a compound annual growth rate of about 18%. Terms of the deal weren't disclosed, but earlier reports indicate a valuation close to $2 billion.

The NHL's Board of Governors approved the deal on Oct. 1, and it will take effect immediately. Vinik will retain control of the team for the next three years, after which Ostrover and Lipschultz will take over.

Recently, the National Football League approved private equity firms to own up to 10% of teams.

Deal-making has intensified as valuations among professional sports teams have skyrocketed.

Arctos Partners will sell a portion of its ownership and retain a minority stake in the Lightning deal announced on Thursday.

Blue Owl Capital, an asset manager with a sports strategy fund, has co-CEOs Ostrover and Lipschultz. They were introduced to Vinik through their relationships with Arctos.

Arctos, a private equity firm, has a significant investment portfolio in sports and recently received approval to take stakes in the NFL. The firm, which closed its second sports-focused fund with $4.1 billion in commitments earlier this year, owns approximately 20 stakes in sports and e-sports teams.

Since 2020, the Lightning have won two Stanley Cup championships and three overall. Vinik bought the Lightning in 2010 for $110 million and has invested billions in real estate development in downtown Tampa Bay.