Lightning selling minority stake, club valued at $1.4B

Pending approval from the NHL, New York-based Arctos Sports Partners will "purchase another minority stake" in the Lightning "in a deal that would value the hockey club at a record" $1.4B. Arctos first acquired a minority stake in the team in December 2021. A team spokesperson "declined to comment" on the expected investment, but "current rules state that a single fund can own no more than 20% of a team, and no franchise can have more than 30% of its equity owned by investment funds." The Lightning will reportedly need "a special waiver from the league, as the Arctos deal exceeds those ownership cap rules." Sportico was first to report news of the investment (TAMPA BAY BUSINESS JOURNAL, 6/15).