NHL Rumors: Lightning Selling Minority Ownership Stake at Record $1.4B Valuation

Arctos Sports Partners is planning to purchase a minority stake in the Tampa Bay Lightning that would value the franchise at $1.4 billion, according to Sportico's Scott Soshnick and Kurt Badenhausen.

That valuation would set a record for an NHL team, a mark that hasn't been topped since the Toronto Maple Leafs were sold to Rogers and Bell Canada for a little more than $1 billion in December 2011.

Arctos first became a minority investor in the Lightning in January 2022, taking advantage of a new rule that allowed private equity firms to buy into NHL teams. Soshnick and Badenhausen noted how the new agreement is subject to new scrutiny by the league:

"The Arctos deal, which still needs to be approved by the NHL, required a special waiver from the league, as it exceeds the ownership cap rules for private equity. The NHL's PE policy allows funds to buy non-voting minority stakes in a maximum of five different teams (same as the NBA, and one more than MLS.) The maximum that a single fund can own in an NHL team is 20%, and no franchise can have more than 30% of its equity owned by investment funds."

Arctos maintains a sizable sports portfolio, with the Lightning one of four different NHL teams in which the firm has placed its money. It purchased a stake in the Minnesota Wild at the same time it bought into Tampa Bay, while it has an interest in the Pittsburgh Penguins and New Jersey Devils after having aligned with those franchises' respective ownership groups.

Regardless of whether this deal goes through, one thing is abundantly clear: Chairman Jeff Vinik will profit massively in the event he completely cashes out.

Vinik spent around $110 million to purchase the Lightning in 2010. Since then, the team has lifted the Stanley Cup twice and been a consistent box-office draw. Now, Tampa Bay is a billion dollar organization.