Wild, Lightning close to selling minority stakes to Arctos Sports Partners

The Lightning and Wild are nearing agreements to "sell minority stakes to a private equity firm," Arctos Sports Partners, according to the FINANCIAL TIMES. Arctos has raised more than $2.1B for its "first sports investment fund." Lightning Owner Jeff Vinik said he was “in discussions to sell a minority position.” He added that he would "maintain control of the team’s parent company, Vinik Sports Group, 'if a minority sale is finalised'" (FINANCIAL TIMES, 12/10). Arctos is pursuing a "10 percent stake" in the Wild (TAMPA BAY TIMES, 12/12). NHL Commissioner Gary Bettman said of Arctos purchasing a stake in both the Wild and the Lightning, "It's a very passive investment." He added that private equity firms "can have investments in multiple teams, as in other sports" (ESPN.com, 12/10).