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Forum: After 10 years with the Lightning, what’s next for Jeff Vinik?

Jeff Vinik sheepishly looked down, shook his head and laughed. The unassuming owner of the Tampa Bay Lightning was visibly uncomfortable when he was asked why he approved naming his new umbrella company after him as Vinik Sports Group.

“They eventually wore me down,” he said, pointing to his team CEO Steve Griggs. “But I may change my mind.”

The 60-year-old prefers to be in the background, but his top brass strongly suggested that he be the point person in outlining the goal of his newly rebranded group to nearly 150 of the team’s top partners late last month at a daylong Sponsor Summit at Amalie Arena in Tampa. 

Taking a page from his former organization, the Boston Red Sox, Vinik understands the benefits of scale and offering various services to others in sports, entertainment and live events. It’s a logical play as Vinik celebrates his 10-year anniversary of owning the team, one that has seen him emerge as an unquestioned leader in the NHL. 

I wasn’t familiar with Vinik when he bought the team in March 2010, but I knew he had a good pedigree — coming from the John Henry/Tom Werner-led Red Sox organization — and realized quickly he could spot talent, as his initial hires of Tod Leiweke, Steve Yzerman and Griggs were incredibly smart and reflective of someone talking to the right people. The organization’s track record speaks for itself: It has sold out more than 235 consecutive regular-season and playoff games; the Lightning was nominated for Team of the Year at the Sports Business Awards in 2016; in Vinik’s nine seasons, the team has made the playoffs six times, reached the Eastern Conference Finals four times and the Stanley Cup Final once; and it is among the top teams in the East this year. 

Meanwhile, Amalie Arena, now 24 years old, offers great sight lines, a dynamic and colorful bowl, plenty of social areas and state-of-the-art LED technology and boards. But what’s particularly admirable about Vinik’s ownership is the way he’s connected the Lightning to the Tampa community. Inheriting a team with poor brand equity, he has generated tremendous capital in the market, and the admiration for him was evident at the summit in February. 

Much of it comes from his generous philanthropy. He and his wife, Penny, established the Lightning Foundation and created the Community Hero presentation in 2011, where they donate $50,000 to a local nonprofit at every home game. On Saturday, Feb. 29, the Community Heroes program surpassed the $20 million mark, and over the years, has awarded 397 Heroes and helped more than 750 local nonprofits receive grants, as Heroes can designate more than one charity. Vinik said it’s the program he’s most proud of over his 10 years in ownership.

Through his success, Vinik has quietly become an influential player in league circles, and one that NHL Commissioner Gary Bettman suggests new or potential owners visit for counsel. Ten years in, Vinik continues to add to his portfolio, as his Strategic Property Partners and Bill Gates’ Cascade Investment build out a massive $3.5 billion mixed-use Water Street Tampa development that will remake Tampa. The nearly 60 acres of contiguous land will connect existing communities and provide downtown anchors that aim to bring a dynamic urban lifestyle to the city’s downtown. It’s all coming together and just may work. 

I spotted at least six active cranes and four major buildings being constructed around Amalie Arena on a cloudy Wednesday last month. There was the recently completed USF School of Medicine and roughly eight other properties under construction, including two hotels — a JW Marriott and an Edition. All of this comes at a pivotal time for Tampa. The city’s leaders know they are in a fierce competition for events, as Charlotte, Nashville and Atlanta were frequently mentioned as competitors they are watching. They also admitted they are fighting the image of Tampa as a small city for retirees, while wrestling with traffic concerns that come with any city in growth mode.

Vinik, now a respected community leader, is aligned with community advocates to deliver a more powerful message about Tampa. The city is hosting WrestleMania, early-round action of March Madness and, of course, Super Bowl LV, its first Super Bowl since 2009. Leaders are confident in showing off an enriched city featuring a completed riverwalk, far better restaurants and the two premium hotels developed in time for the Super Bowl. 

After 10 years, Jeff Vinik’s humble yet ambitious vision has extended far beyond team ownership. He is now building a story of sustainability, livability and wellness in Tampa. It’s worth checking out.

Abraham Madkour can be reached at amadkour@sportsbusinessjournal.com.

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