The Tampa Bay Lightning’s ownership group is expanding.

Vinik Sports Group, run by titan investor Jeff Vinik, is selling a portion of the National Hockey League team to a group of investors led by Doug Ostrover and Marc Lipschultz.

Terms of the deal were not disclosed, but earlier reports indicate a valuation close to $2 billion. The transaction represents a compound annual growth rate of about 18%, based on the team’s valuation in 2010 when it sold to Vinik.

The deal was approved by the NHL’s Board of Governors on Oct. 1 and will take effect immediately, according to a news release. Vinik will retain control of the team after the transaction and remain as the team’s governor for the next three years. At that time, control will transfer to Ostrover and Lipschultz.

Private equity has been rushing to acquire stakes in professional sports teams in the U.S. Most recently, the owners of the National Football League voted to allow select private equity firms to acquire up to 10% of teams.

Deal-making has intensified as valuations among professional sports teams have skyrocketed.

As part of the Lightning deal announced Thursday, Arctos Partners will also sell a portion of its ownership and remain a minority stakeholder.

Ostrover and Lipschultz are co-CEOs of Blue Owl Capital, an asset manager with a sports strategy fund. They were introduced to Vinik through their relationships with Arctos.

Arctos has a deep bench of investments in sports, and was among the private equity investors recently approved to take stakes in the NFL. The firm, which earlier this year closed its second sports-focused fund, totaling $4.1 billion in commitments, owns roughly two dozen stakes in sports and e-sports teams.

The Lightning have won two Stanley Cup championships since 2020 and three overall. Vinik acquired the Lightning in 2010 for a reported $110 million and since then has invested billions in real estate development in downtown Tampa Bay.