TAMPA, Fla. — On Thursday, Tampa Bay Lightning owner Jeff Vinik revealed that he has sold a significant portion of the NHL team while maintaining control of the franchise for the next three years.

The transaction, which occurred at an undisclosed price, involves a group of investors headed by Doug Ostrover and Marc Lipschultz. It received the green light from the NHL board of governors on October 1.

According to the details of the agreement, Vinik will continue to oversee the team and serve as its governor.

“The newly formed board of directors, including Vinik, Ostrover, and Lipschultz, will guide the organization’s strategic direction,” stated a team announcement.

After three years, Ostrover and Lipschultz will assume control, while Vinik will stay involved as a partner and will hold the position of alternate governor on the Vinik Sports Group board.

Since taking ownership in 2010, Vinik has successfully led the Lightning to the playoffs 11 times out of 14 seasons and secured two Stanley Cup championships.

“We have aimed to develop the Lightning into a world-class franchise, and we’ve now partnered with individuals who share our vision of community-first values,” Vinik expressed. “Doug and Marc bring a strong commitment to ensuring the Lightning have everything needed for success and are eager to contribute to the Tampa Bay community.”

The day-to-day operations of the team are set to remain stable, with CEO and vice chairman Steve Griggs and general manager Julien BriseBois continuing in their respective roles.

“By welcoming partners who align with our values and have a genuine dedication to our culture, we can guarantee sustained success for the Tampa Bay Lightning,” Vinik stated. “The legacy we’ve crafted is one that I take pride in, and I am committed to seeing it flourish for future generations.”