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

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note