Jeff Vinik hands out $20M in rewards to employees after Tampa Bay Lightning stake sale

The Tampa Bay Lightning's employees received $20 million in bonuses after a majority stake in the franchise was sold. The team is currently worth $1.8 billion, which is a big jump from $1.25 billion in December 2023, as reported by Forbes.

Lightning owner Jeff Vinik sold the majority stake to a new investment group. Full-time employees of Vinik Sports Group received between $50,000-$66,000 each. He also released a statement where he thanked them for their hard work and dedication.

“In recognition of the hard work and dedication that has made VSG a world-class+ organization, I’m pleased to announce that all full-time staff will be receiving a bonus on behalf of the Vinik Family," Vinik said on Thursday, per Sports Business Journal. "Thank you for the role you’ve played in making the Vinik Sports Group and the Tampa Bay Lightning an organization of which we can all be proud. Together, we have built something truly special.”

The NHL's board of governors approved the sale on Oct. 1. Under the agreement, Vinik will keep control of the team for the next three years and will transfer it to Doug Ostrover and Marc Lipschultz, co-CEOs of Blue Owl Capital.

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Jeff Vinik has confidence in the new ownership group

Vinik also said that adding partners who share the team’s values will support the long-term success of the Lightning and Vinik Sports Group.

“Since 2010, we have focused on building the Lightning into a world-class organisation, and now we’ve found world-class partners who share in our mission of being a community-first organisation,” Vinik said, per Sports Pro Media. “Doug and Marc share my commitment to providing the Lightning with all the resources they need to excel and are excited to become part of the Tampa Bay community."

The new ownership group includes several investors alongside Ostrover and Lipschultz, such as Adam Gerry and Brian Schwartz. Arctos Partners also sold part of its stake but remains involved.

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Jeff Vinik's ownership of the Tampa Bay Lightning

Vinik purchased the Lightning in 2010 for $93 million. Since then, the team has become a perennial playoff contender and won the Stanley Cup in 2020 and 2021. Under his leadership, the Lightning have also ranked among the NHL’s top revenue-generating teams, proving that hockey can succeed in the southern U.S.

Vinik has invested in the area around Amalie Arena in Tampa, helping make it a growing business hub. With the new owners in place, Vinik believes the Tampa Bay Lightning and Vinik Sports Group are in good hands for future growth.