It would seem like every time there is an issue with the Lightning franchise, the name of Hockey Hall of Famer and franchise founder Phil Esposito is invoked.  Esposito's name, to long time Lightning fans, brings with it the thoughts of security and the sense that Phil could fix it.  No, wait, Phil should fix it and Phil will fix it.  Phil is the guy to fill this seat, that seat, and wear the ownership hat on top of it.

Need a coach?  Just hire Phil.  Have problems with Lawton (or Feaster, or Dudley for that matter)?  Why not bring back Phil?  Looking for an executive to take over the role of team president and franchise governor?  Phil Esposito is available.  And when the Lightning's recent ownership situation was coming to a head, Phil putting an ownership group together was going to solve everything.

It's a reflection of fondness, admiration and respect that long time Lightning faithful have for Phil Esposito. 

The problem is, it's not only a reach, but it's an unrealistic label of a panacea - a cure-all - on Phil's back.

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More photos » Paul Sancya - AP

FILE - This June 14, 2004, file photo shows Detroit Pistons chief executive Tom Wilson, who also holds the titles of president and CEO of Palace Sports and Entertainment, at The Palace in Auburn Hills, Mich., Wilson has resigned his positions and said in a statement released Wednesday, Feb. 17, 2010, that after the death last year of Pistons owner Bill Davidson, the time was right to pursue other "exciting opportunities." He has joined the Illitch Family today. (AP Photo/Paul Sancya, FILE)

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In a bit of irrelevant news to the immediate goings-on's with the Tampa Bay Lightning, but out of news that is relevant in reflection on team history, former Palace Sports and Entertainment CEO Tom Wilson has joined Illitch family (who own the Detroit Red Wings as well as Detroit Tigers). 

Wilson served as governor of the Tampa Bay Lightning hockey franchise during Palace Sports tenure of ownership from 1999 until 2008.  Wilson also oversaw the sports-and-entertainment empire that was Palace Sports, which owns the Detroit Pistons, the Palace at Auburn Hills and other venues.  With the death of Bill Davidson last year, the empire has started to come undone and Davidson's widow is in the process of selling off what is left.

As president and CEO of the soon-to-be-named new enterprise, Wilson will provide input into every aspect of the Ilitch companies.  One of his initial strategic priorities will be to leverage the natural business opportunities among Olympia Entertainment, the Detroit Red Wings and the Detroit Tigers – while also aggressively looking for new areas of collaboration to grow these businesses as well as other companies within the Ilitch enterprise.

While there was disdain for out-of-town oversight of the Lightning during the Palace Sports reign, the franchise still blossomed.  Tom Wilson was part of the reason for that, and we wish him well on his career ahead.

Jeffrey Vinik is in agreement to buy the Tampa Bay Lightning (photo provide by Tampa Bay Lightning)

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"Buying the Lightning and joining the Tampa Bay community is a dream come true. I've been an avid hockey fan my whole life andI pledge to our fans that I will work my hardest to build the Lightning into a world class organization both on and off the ice. I hope to bring a high level of excitement and intensity back to Lightning hockey, with a goal of having the team consistently compete for the Stanley Cup. I have a passion for the game and will do my best to restore a winning culture at the St. Pete Times Forum that all of our fans and partners can be proud of."

-- Jeffrey Vinik

Jeffrey Vinik is formally in agreement to purchase the Tampa Bay Lightning franchise from OK Hockey Group, a press release from the team announced.  

Vinik is also establishing Tampa Bay Sports and Entertainment.  There was no further information presented besides the name.  If it's simply the formal moniker for Lightning ownership, so be it...  

But the question for Lightning fans right now is, where do we go from here?

I'm not talking about the on-ice product but the overall franchise in general.  The immediate questions are not line-combos and player signings and transactions, but the direction of operations of one of the top venues in the world (St. Pete Times Forum), operations of the front office and event staff, all the logistical stuff that most do not take into account.  

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More photos » Ryan Remiorz - AP

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With reports of an expedited sale process of the Tampa Bay Lightning to hedge fund manager Jeff Vinik, there are continued rumblings -- perpetuated by The Hockey News' reports on the situation -- that Vincent Lecavalier will be traded preceding the transaction.

It's appeared twice on THN -- the initial article reporting of Vinik, and now Ken Campbell's piece which talks about executive movement with the Lightning and, you guessed it, Enzo's future with the Bolts:

There is also growing speculation Vinik will want to immediately trim payroll, meaning the team will be shopping captain Vincent Lecavalier and his $7.72 million salary cap hit leading up to the March 3 trade deadline. In the first year of an 11-year contract, Lecavalier’s salary is actually $10 million this season and each of the next six seasons and it’s believed Vinik thinks the Lightning has to get out from under that contract if it is to be financially viable.

It’s believed that if the deal is made, it will be done before Vinik takes over the team so the new owner can be insulated from the inevitable backlash that would come from dealing the franchise player.

What I don't understand here is this:  If Vinik is the guy buying the team, and the supposed payroll dump of Lecavalier is orchestrated for Vinik, how does this insulate him from backlash?  He is a mystery figure who should be looked at as public-enemy number one if Vincent Lecavalier were to be dealt.

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The Hockey News reported on their web site earlier this evening that the National Hockey League is negotiating with a Boston hedge fund manager to purchase the Lightning, control of the St. Pete Times Forum and land adjacent to the Forum.

According to multiple sources, the NHL is negotiating the sale of the Lightning and the five-acre parcel of land adjacent to the St. (Pete) Times Forum from the OK Hockey Group to Boston-based financier Jeffrey Vinik for an estimated price of $170 million.

The two groups met six weeks ago and while there are conflicting reports on whether or not a sale is imminent, it’s believed Vinik has emerged as a front-runner to buy the team and is serious in his offer.

Damian Cristodero at the St. Petersburg Times (and researcher Shirl Kennedy) gave some more background (and sources) on Jeffery Vinik:

Vinik, 50, a limited partner with the Red Sox, is better known in financial circles. The New Jersey native, Duke graduate and Harvard MBA managed the Fidelity Magellan Fund in the mid and late '90s. He is the principal owner of Vinik Asset Management.

Its Sept. 30 quarterly report filed with the Securities and Exchange Commission indicated the company is managing holdings of $1.7 billion.

A March 2006 Boston Magazine article put Vinik's worth at $515 million.

Whether Vinik's interest is from a passion for hockey or an eye for an investment is unclear.

Hal Lindquist, a senior managing director at the Blackstone Group in New York who has invested with Vinik, said he had not heard about Vinik and the Lightning but deadpanned, "I know he coaches his son's soccer team."

We'll have more on this tomorrow as the story unfolds...  But this is not the kind of news that will encourage Lightning fans...  Not until the mystery guest presents himself....  And even then, there will be doubt long before there is any encouragement.

Hat tip to Bill Philp.

[Note by John Fontana, 01/29/10 12:11 AM EST ] For those who may be so inclined, there is a lengthy article here from NASDAQ reporting on Vinik's business dealings.  I have little savvy with this financial stuff, but others may see it as a way to shine the light on the guy's thinking.]

With the recent news about the Lightning defaulting on their loan to Palace Sports and Entertainment and problems meeting payroll, comparisons to the Phoenix Coyotes have been been drawn...  As well as the assumption Jim Balsillie is the only potential owner on the horizon.

Not so.

Last summer, Damian Cristodero at the St. Petersburg Times had investigated local interest in the Lightning.  For starters, there was franchise father figure Phil Esposito, who was eying things:

"Nothing I ever did was as good in my mind or as satisfying, and nothing was as important, as getting this franchise."

That is why the Lightning founder said if the dispute between owners Oren Koules and Len Barrie ends with the financially troubled team up for sale, "Yes, I would try to put a group together" to buy it.

That time is not imminent

That was then, of course.  This is now, and the time has indeed become imminent if anything is going to happen.

Of course, the question can be asked whatever happened to Jeff Sherrin and Doug MacLean -- two of the three partners of the original "Absolute Hockey" ownership group?  They, along with Oren Koules, attempted to buy the Lightning in August iof 2007.  The deal fell apart when Koules went mustang from the group.  Lawsuits flew and local lawyer Tom Scarritt represented Sherrin and MacLean's interest.  The suit was settled out of course and little has been heard or seen of either since.

As for Scarritt, he stated in August 2009 that he still represented a local group interested in acquiring the Lightning, a group that had been waiting in the wings since December 2007 in case the OK Hockey / Palace Sports and Entertainment deal for the team fell through. 

I contacted Mr. Scarritt for an update on things.  It wasn't asked if direct contact had been made with the NHL or OK Hockey  about an acquisition of the team by the group Scarritt represents.  He did say that:

 The clients I have represented continue to follow the status of the Lightning with great interest, and that interest extends to the possibility of acquiring the team if an appropriate deal could be negotiated. I confirmed this with them as recently as last week.

The key words here are appropriate deal.  For anyone in the business world, an appropriate deal is subjective on the terms and money involved.  When, where, why, and how much.  In a word, conditions.  

Any sale also will not play out like a casual fan would expect it -- with the absolutes of do-or-don't.  The numbers have to work, the desire has to be there and the conditions fo the agreement have to be just right, or nothing will come to fruition. 

In all, this is a waiting game to see who the players will be for the Lightning.  The key thing to remember is that there are players, local ones at that.

Bruce MacLeod, a Red Wings beat reporter for the Macomb Daily (a suburban Detroit newspaper), is reporting on his newspaper blog that, allegedly, OK Hockey has gone into default on it's loan from Palace Sports and Entertainmentt - the previous ownership group for the Tampa Bay Lightning.  This news was part of a larger story concerning ownership issues with the Detroit Piston's franchise and Palace Sports and Entertainment in general.  The widow of Bill Davidson (Late principle owner for the Lightning and Palace Sports and Entertainment) is looking to move assets under Palace Sports ownership -- or Palace Sports itself.

As for the Lightning, the report from MacLeod says:

The Palace source said that traditional financing is being sought so that the Pistons will be paid in full for the sale of the Lightning. That source also said that the NHL is setting a Feb. 15 deadline for finding new ownership.

The Lightning source, however, said that Tampa Bay ownership denies that it is working under a deadline.

Restructuring the Lightning ownership group with the addition of new capital is a possibility and one that the current Tampa Bay ownership would prefer. But the source said that: "The most likely scenario is a new owner. The League wants to expedite it."

There is enough from the source (being close to Auburn Hills, being a third party with no interest in Lightning gossip unlike the rumor-mongering from the Canadian press) that makes us take this report seriously.

We'll have more information as it becomes available.

[Note by John Fontana, 01/20/10 8:23 PM EST ] multiple edits since initial publication

Only a day after we posted a reminder about the unsettled situation with ownership of the Tampa Bay Lightning franchise, the situation's unresolved status became further highlighted.

Erik Erlendsson of the Tampa Tribune reported on his blog that investor Jeff Greene has dropped his bid to buy into the Lightning franchise:

"After careful due diligence and a thorough analysis of the terms and economics of the deal, we have determined that this investment does not meet our criteria,’’ Greene said. "At Florida Sunshine Investments, we are presented diverse investment opportunities here in Florida, throughout the United States and around the world. We looked at the investment in the Lightning like we look at any other potential investments, and after doing our final analysis, the numbers did not work for us."

Damian Cristodero, reporting for the St. Petersburg Times, reminds us (and clarifies a bit) that Anthony Sansone Jr. is still out there as a potential ownership candidate:

The ball now seems to have bounced to St. Louis real estate investor Anthony Sansone Jr., who,  basically, had taken over Barrie's bid to buy the team after Barrie in August walked away from his exclusive window to buy the team. Sansone has not made any statements recently. His last communication in late September was his "passion" for the project remained strong.

There is a gag order in place so no comments have been made by Oren Koules, Len Barrie, former Lightning owners (and sale financiers) Palace Sports and Entertainment and the league regarding the situation besides ambiguous comments and non-comments.