Nationality United States Ethnicity Jewish | Religion Judaism Name Jeffrey Vinik | |
Born March 22, 1959 (age 65) ( 1959-03-22 ) Deal, NJ, USA Alma mater Duke University (B.S., Civil Engineering, 1981)
Harvard Business School (MBA, 1985) Occupation businessman, philanthropist Known for owner of professional sports teams Education Duke University, Harvard Business School | ||
Jeffrey N. Vinik (born March 22, 1959) is the current owner of the Tampa Bay Lightning (NHL) and the Tampa Bay Storm (AFL), as well as a minority owner of the Boston Red Sox (MLB). He served on the board of directors for Liverpool Football Club of the Premier League from 2010-2013.
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Early life
Vinik was born to a Jewish family in Deal, New Jersey. He graduated Phi Beta Kappa from Duke University in 1981 with a bachelor of science in civil engineering. He also obtained an MBA from Harvard Business School in 1985.
Career
Vinik managed the Fidelity Magellan Fund from 1992 to 1996, where he averaged 17% annual returns. After leaving Fidelity, he started hedge fund Vinik Asset Management, with partners including Michael Gordon (now President of Fenway Sports Group). He made investors 93.8% in his first 11 months and approximately 50% a year for the next three years. At the end of 2000, Vinik returned investors $4.2 billion and focused on managing his own portfolio. Vinik and his partners closed down the fund in December 2013, and distributed $9Bn in assets.
In 2010, he purchased the Tampa Bay Lightning from Oren Koules and Len Barrie for $170 million. In January 2011, he purchased the Tampa Bay Storm.
Philanthropy
In 1998, Vinik and his wife, Penny, donated $1.25 million to endow a professorship at Duke's engineering school. The next year, they donated $5 million towards facilities at the engineering school. In 2012, they donated $10 million to create a challenge fund to endow associate and full professorships dedicated to addressing complex societal challenges. He donated $1.5 million to build a new Jewish Community Center in South Tampa.