TAMPA, Fla. (AP) — Tampa Bay Lightning owner Jeff Vinik announced Thursday that he has sold a majority stake in the NHL team but will retain control of the franchise for the next three years.

The team said the sale for an undisclosed price to an investor group led by Doug Ostrover and Marc Lipschultz was approved by the NHL Board of Governors on Oct. 1.

Under the terms of the contract, Vinik will retain full control of the team and serve as the Lightning's governor.

“Vinik, Ostrover and Lipschultz have created a board of directors to oversee the strategic direction of the organization,” the team said in a statement.

“In three years, control will be transferred to Ostrover and Lipschultz,” the Lightning added. “Vinik will then remain an active ownership partner as deputy governor and board member of Vinik Sports Group.”

Since Vinik took control of the team in 2010, the Lightning have made the playoffs 11 times and won two Stanley Cup titles in 14 seasons.

“We have been focused on growing Lightning into a world-class organization, and now we have found world-class partners who share our mission of being a community-first organization,” said Vinik. “Doug and Marc share my commitment to providing the Lightning with all the resources they need to excel and are excited to join the Tampa Bay community.”

The club's day-to-day operations will not change under the new ownership agreement, with CEO and vice-chairman Steve Griggs and general manager Julien BriseBois remaining in their current positions.

“By bringing in the right partners, with the right values ​​and a strong commitment to our culture, we will ensure the continued success of the Tampa Bay Lightning,” said Vinik. “We have built a legacy that I am proud of and I want it to last for generations.”