The NHL became the latest league to allow private equity firms to invest in teams — and two have already jumped at the opportunity.
Arctos Sports Partners is set to buy stakes in the Minnesota Wild and Tampa Bay Lightning after the NHL’s board of governors voted Thursday to change its rules to allow for institutional investors.
The new rules follow in the paths of the NBA, MLS, and MLB, which have all rewritten bylaws to allow for new ownership structures.
- NHL teams can sell up to a 30% stake to private firms.
- Individual firms can own up to 20% of a team.
- Firms can have stakes in up to five NHL teams.
- The minimum investment required is $20 million.
The league has approved the sale of an up-to-10% stake of the Wild to Arctos, per team owner Craig Leipold. Arctos has also been approved to buy an undisclosed stake in the Lightning.
Arctos’ Sports Investments
Arctos’ flagship fund topped $3 billion in October after raising $2.1 billion. The firm has a 17% stake in the NBA’s Sacramento Kings at a $1.8 billion valuation, as well as a 5% stake in the Golden State Warriors at a $5.5 billion valuation.
It also holds stakes in Fenway Sports Group and the Premier Lacrosse League.
![Feb 20, 2025; Boston, MA, USA; [Imagn Images direct customers only] Team USA forward Brock Nelson (29) reacts to a hit during the second period against Team Canada during the 4 Nations Face-Off ice hockey championship game at TD Garden.](https://frontofficesports.com/wp-content/uploads/2025/02/USATSI_25467878_168416386_lowres-scaled.jpg?quality=100&w=1024)
![Feb 20, 2025; Boston, MA, USA; [Imagn Images direct customers only] Team USA forward Auston Matthews (34) plays the puck against Team Canada forward Brandon Hagel (38) and forward Mitch Marner (16) during the first period during the 4 Nations Face-Off ice hockey championship game at TD Garden.](https://frontofficesports.com/wp-content/uploads/2025/02/USATSI_25467281_168416386_lowres-scaled.jpg?quality=100&w=1024)
![Feb 15, 2025; Montreal, Quebec, CAN; [Imagn Images direct customers only] Team United States forward Matthew Tkachuk (19) and Team Canada forward brandon Hagel (38) fight in the first period during a 4 Nations Face-Off ice hockey game at the Bell Centre.](https://frontofficesports.com/wp-content/uploads/2025/02/USATSI_25429594_168416385_lowres-e1739674194139.jpg?quality=100&w=1024)
