Fund Manager Jeffrey Vinik Buys Tampa Bay Storm Team of Arena Football
Boston fund manager Jeffrey N. Vinik agreed to buy the Arena Football League’s Tampa Bay Storm for an undisclosed price, adding another team to his sports portfolio, which also includes a National Hockey League club and a minority stake in Major League Baseball’s Boston Red Sox.
Vinik, a 51-year-old former Fidelity Investments manager who started his own hedge fund, purchased hockey’s Tampa Bay Lightning last year along with the company that operates the St. Pete Times Forum, and two parcels of adjacent land.
The Storm, winners of five Arena Bowl titles, lost to the Spokane Shock in the 2010 Arena Bowl 69-57.
Vinik’s TBSE Football LLC, a subsidiary of Tampa Bay Sports and Entertainment LLC, purchased the Storm from Tampa Bay Storm Partners LLC, whose chief executive officer is Todd Boren. Terms of the sale weren’t disclosed in a statement from Vinik.
Tim Marcum will remain as the team’s coach and general manager, the team said.
The Storm will begin its season on March 11 against the New Orleans VooDoo in New Orleans.
Vinik rose to prominence after he took over Fidelity Magellan in 1992, the fund made famous by Peter S. Lynch, who managed it from 1977 to 1990. Under Lynch, Magellan returned 29 percent a year, almost double the gains of the Standard & Poor’s 500 Index. Vinik left the firm in 1996 to form Boston-based Vinik Asset Management LP.
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