May 3, 2013, 1:04 PM EST
Tampa Bay Lightning owner Jeffrey Vinik has decided to shut down his underperforming hedge fund, according to Bloomberg.
By the end of June, Vinik will reportedly return all his investors’ money and focus on the Lightning and his charitable foundation.
Per the Boston Globe, Vinik’s fund was down 4.8 percent in the 10 months since July 1, which is especially poor given the markets have been up dramatically since then.
In the past, Vinik has been described as “an extremely volatile investor.”
Whether this news has any effect on the Lightning’s operations, we’ll have to wait and see. (The club says it won’t.) Tampa Bay had the 10th-highest payroll in the NHL this season, according to CapGeek.
It’s worth noting the Lightning have had previous ownership issues.
But then it also has to be noted that Vinik has received nothing but praise from the team’s fans.
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