Lightning sale completed

Hockey Betting Lines

03/03/2010 - Tampa, FL (Sportsbook Betting Lines) - The sale of the Tampa Bay Lightning to a local group headed by businessman Jeff Vinik has been completed.

Vinik controls Tampa Bay Sports and Entertainment, LLC, and becomes chairman of the team. The group's purchase, approved unanimously by the NHL Board of Governors, includes the lease to the St. Pete Times Forum and ownership of adjacent real estate.

"The Lightning is a great franchise in a terrific community," said Vinik, who signed the purchase agreement on February 4. "We thank Oren Koules and his partners for beginning the turn-around of the Lightning hockey club. Our goal now is to build a world-class organization, on and off the ice."

Vinik, also a minority owner of the Boston Red Sox, takes over for owners OK Hockey, LLC, which includes Hollywood producer Koules. That company had just taken control of the team prior to the 2008-09 season and revamped the entire front office and roster in hopes of building a winner.

The Lightning finished 24-40-18 last season and missed the playoffs for the second consecutive season. However, they have already surpassed that win total this season, sitting at 26-25-11 through 62 games in the thick of the Eastern Conference playoff hunt.

Vinik, 50, posted an open letter to Lightning fans Wednesday on the team's website.

"As the new owner of the Tampa Bay Lightning, I would like to express my appreciation to the entire community for welcoming me as caretaker of your hockey team and the St. Pete Times Forum," the letter reads. "I pledge to you that every one of us at the Lightning will work our hardest to create a world- class organization, both on and off the ice. My goal is to return to the days when the entire Tampa Bay area proudly cheered together for its hockey team."

Since Tampa Bay won the Stanley Cup title in the 2003-04 season, the team has not advanced past the Eastern Conference quarterfinals. The franchise's best years came under the control of Palace Sports and Entertainment, whose nine-year run included four playoff appearances, a Southeast Division title and the Stanley Cup title in 2004.

A Boston resident, Vinik is the founder and chairman of Vinik Asset Management and previously managed Fidelity's Magellan Fund.

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