Hogan Lovells advises Tampa Bay Lightning owner Jeffrey Vinik in two high-profile deals
Denver, 16 August 2023 – A team from global law firm Hogan Lovells represented Jeffrey Vinik, owner of the NHL’s Tampa Bay Lightning, in two major deals - the sale of his interest in in Strategic Property Partners (SPP) to Cascade Investment, and in connection with a minority investment by Arctos Sports Partners (Arctos), a sports-focused private equity fund, into the Tampa Bay NHL franchise.
SPP was previously owned and capitalized through a partnership between Vinik and Cascade Investment, a private investment firm controlled by Bill Gates. SPP's most high profile project is Water Street Tampa, a 50+ acre multi-billion dollar real estate development that has revitalized downtown Tampa Bay into an urban, mixed-use waterfront district. The deal closed in late June 2023. Financial details were not disclosed.
Additionally, we advised on a transaction to sell a minority interest in the Tampa Bay Lightning to Arctos, a deal which reportedly valued the franchise at an NHL record. This transaction also closed in June 2023. Our previous work for the Tampa Bay Lightning includes a cross-office, cross-practice effort that in 2021 led the first ever private equity investment in NHL history, when Arctos initially invested in the franchise.
The Hogan Lovells team was led by Denver Office Managing Partner and Global Head of our Sports, Media, and Entertainment Practice group, Craig Umbaugh and Mark Kurtenbach (Colorado Corporate and Finance practice head). They were supported by partner Mark Weinstein (New York), and associates Sydnie Pennington and Hanna Wynn (both Denver).