Hedge Fund Manager Takes Title To Hockey Team

Mar 4 2010 | 6:38am ET

Hedge fund manager Jeffrey Vinik now officially has his second job: owner of a professional hockey team.

The founder of Boston-based Vinik Asset Management took control of the Tampa Bay Lightning yesterday, after the National Hockey League’s board of governors approved the team’s transfer to Vinik’s Tampa Bay Sports and Entertainment.

“The Lightning is a great franchise in a terrific community,” Vinik said. “We thank Oren Koules and his partners for beginning the turnaround of the Lightning hockey club. Our goal now is to build a world-class organization on and off the ice.”

Vinik reportedly paid $110 million in cash for the team, which has faced financial trouble in recent years.

Vinik was personally recruited by NHL Commissioner Gary Bettman to take over the team, which needed an advance on both its television rights and revenue sharing money last season and this one to meet its payroll. The team’s former owner, OK Hockey, reportedly defaulted on some loans.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...