The Tampa Bay Lightning are currently in talks about a new majority owner.

According to multiple media reports, owner Jeff Vinik is looking to sell the franchise and has spoken to Doug Ostrover, co-founder, CEO and owner of investment firm Blue Owl Capital. The team is reportedly valued at nearly $2 billion.

Sportsnet was the first company to report the possible sale.

The shares in the team will be sold gradually, it says in SportsnetVinik will retain full operational control of the franchise for the next few years and would continue to hold a significant stake as part of the new ownership group.

“I can confirm that we are in discussions to further expand our ownership group of the Tampa Bay Lightning,” Vinik said in a statement to the media. “There will be no changes to the day-to-day operations of the Lightning and Vinik Sports Group. I am very excited about what is to come for the organization and we look forward to sharing more when the time is right.”

The Lightning are coming off a relatively unsuccessful 2023-24 season, losing in the first round of the playoffs for the second year in a row, this time to in-state rival and eventual Stanley Cup champion Florida Panthers. Earlier in the decade, the Bolts appeared to be building a dynasty after winning two straight Stanley Cups in 2020 and 2021 and coming close to winning a third in a row in the 2022 Finals against Colorado.

Tampa Bay finished 12th in Sportico’s The value of NHL franchises is $1.25 billion in 2023, a 37% increase from last year. In 2010, Vinik bought the team from Oren Koules and former NHL player Len Barrie for $170 million.