NHL

Lightning sale to Jeff Vinik approved and finalized

{eot}
The Canadian Press
3/3/2010 7:07:08 PM
Decrease Text SizeIncrease Text Size
Text Size

TAMPA, Fla. -- The sale of the Tampa Bay Lightning to Boston Red Sox minority owner Jeff Vinik is complete.

The NHL's Board of Governors gave unanimous approval to the deal Wednesday. Vinik agreed to buy the team, the company that operates the St. Pete Times Forum, and more than five acres of land adjacent to the downtown arena on Feb. 4.

Financial terms were not disclosed. The Boston financier reportedly paid about US$110 million cash -- substantially less than the $206 million a group led by Oren Koules and Len Barrie paid for the franchise in June 2008.

Vinik takes controls of a franchise that's struggled on the ice and at the box office since winning the Stanley Cup in 2004.

"The Lightning is a great franchise in a terrific community," Vinik said in a statement released by the team. "We thank Oren Koules and his partners for beginning the turn-around of the Lightning hockey club. Our goal now is to build a world-class organization, on and off the ice."

Prior to being purchased by Koules and Barrie, the Lightning had been owned since 1999 by Palace Sports&Entertainment, a group led by the late Detroit Pistons owner Bill Davidson that helped transform Tampa Bay from a perennial last-place team into a Stanley Cup champion.

Vinik, 50, managed Fidelity's Magellan Fund before founding Vinik Asset Management.

Lightning celebrate (Photo: Scott Audette/NHLI via Getty Images)

zoom

(Photo: Scott Audette/NHLI via Getty Images)
Share This

Share This

Add to FacebookAdd to DiggAdd to FarkAdd to TwitterAdd to Stumble UponAdd to Reddit
Print this Story

2014-15 NHL Preview

From The Hockey Insider

TSN's Bob McKenzie sets up the start of training camp, going one-on-one with the GMs from all seven Canadian teams.


WATCH: Bryan Murray - Ottawa Senators

WATCH: Dave Nonis - Toronto Maple Leafs

WATCH: Kevin Cheveldayoff - Winnipeg Jets

WATCH: Marc Bergevin - Montreal Canadiens

WATCH: Brad Treliving - Calgary Flames

WATCH: Craig MacTavish - Edmonton Oilers

WATCH: Jim Benning - Vancouver Canucks


TSN.ca previews what to expect out of the NHL's 30 teams as we count down to puck drop. Check daily for team previews and updates on each Canadian franchise leading up to Oct. 8.


Latest Preview: Carolina Hurricanes






TSN TweetBox
© 2014
All rights reserved.
Bell Media Television