The Tampa Bay Lightning have begun a multi-stage sale process that will value the team at nearly $2 billion, reports Elliotte Freidman of Sportsnet.

Friedman adds that the buyer is believed to be Doug Ostrover, co-founder and CEO of investment firm Blue Owl Capital. The deal is reportedly not finalized and there will be no immediate change in ownership or day-to-day operations.

Current owner Jeff Vinik will reportedly maintain full operational control for the next few years and will retain a significant stake in the new group. Vinik purchased the Lightning in 2010 for a reported $170 million and is widely hailed as one of the NHL’s best owners due to his great work in the community.

In addition, Vinik has breathed new life into the Lightning, who were in a very difficult situation before his purchase, but are now consistently among the top teams in the league. Under his leadership, Tampa Bay has reached the Stanley Cup Final four times and won two consecutive championships in 2020 and 2021.

If the sale goes through, it would be the largest in NHL history. The current record is $950 million, the price for which Michael Andlauer bought the Ottawa Senators last year. The sale of the Arizona Coyotes to the NHL for $1 billion and the league’s subsequent sale of those assets to Ryan Smith for $1.2 billion are presumably not included due to the unusual nature of the transaction.

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