The Tampa Bay Lightning are nearing an agreement to sell a minority stake to a private equity firm, according to the team owner and a person familiar with the matter, making the National Hockey League the latest professional sports association to embrace institutional investment as franchise valuations soar.
The hedge fund manager Jeff Vinik, majority owner of the reigning Stanley Cup champions, told the Financial Times in a statement he is “in discussions to sell a minority position” and that he will maintain control of the team’s parent company, Vinik Sports Group, “if a minority sale is finalised”.
The NHL board of governors voted on Thursday to approve the sale of the Lightning stake to the sport-focused private equity firm Arctos Sports Partners, a person familiar with the matter said, adding that the transaction is still subject to conditions.