Vinik reaches agreement to purchase Lightning

Boston-based financier Jeffrey Vinik has reached an agreement to purchase the Tampa Bay Lightning, the team announced Friday.

Though all involved parties have agreed to terms and signed the paperwork, the sale will not be final until it closes and Vinik is approved by the NHL Board of Governors, a process which could take up to two weeks to complete.

"Buying the Lightning and joining the Tampa Bay community is a dream come true," Vinik said in a statement. "I've been an avid hockey fan my whole life and I pledge to our fans that I will work my hardest to build the Lightning into a world class organization both on and off the ice.

"I hope to bring a high level of excitement and intensity back to Lightning hockey, with a goal of having the team consistently compete for the Stanley Cup. I have a passion for the game and will do my best to restore a winning culture at the St. Pete Times Forum that all of our fans and partners can be proud of."

The deal still could fall apart, but Vinik is believed to be self-financing the purchase and was recruited to the deal by NHL commissioner Gary Bettman, so snags are unlikely.

Once Vinik gains the stamp of approval, he will become the team's sole owner. OK Hockey partners Oren Koules and Len Barrie will be out of the picture when Vinik takes control.

"The day is a bittersweet one for us, as I believe we have established a strong foundation on the ice and begun to point things in a positive direction for the Lightning," Koules said in the statement.

"We look forward to seeing Jeff take the team from here and move it forward. I believe we are leaving him with some great pieces in place and hopefully he can build upon them to deliver a consistent winner in the future."

The sale price is unknown, but is believed to be well below the reported $204 million OK Hockey paid in June 2008 and below the $170 million reported last week by The Hockey News.

The deal also includes the lease to the St. Pete Times Forum and 5.5 acres of land adjacent to the arena.

OK Hockey purchased the team amid a flurry of optimism, but co-owners Koules and Barrie quickly differed on the direction of the team. NHL commissioner Bettman summoned the two to league offices in New York in June 2009, and each was given the opportunity to buy out the other.

For months, Koules and Barrie worked to bring in additional investors in order to part ways. The safety net in the process was the backing of former owner Palace Sports & Entertainment, which helped finance the sale to OK Hockey by loaning the new owners nearly $100 million to complete the transaction.

Neither Koules nor Barrie was successful.

Two recent developments, however, sparked efforts to find a new investor.

Karen Davidson, widow of Palace Sports founder Bill Davidson, began exploring selling the Detroit Pistons and possibly Palace Sports, likely preferring to clear the Lightning off the books completely first. Also, according to a report by The Hockey News, OK Hockey required an advance of 2010 revenue sharing from the NHL to cover the team's January payroll.

Vinik emerged as an ownership candidate with the necessary funds to cover the team's expenses and growing debt. Vinik, whose worth has been estimated between $500-800 million, made his fortune as a successful investor and once managed Fidelity's giant Magellan Fund.