Panthers Win Second Stanley Cup Under Owner Vincent Viola
The Florida Panthers have skated to another Stanley Cup, defeating the Edmonton Oilers for the second straight year, this time in a 4-2 series triumph.
Florida dominated from the get-go in its Game 6 decider, with first period goals from Matthew Tkachuk and Sam Reinhart putting the Panthers on course for a 5-1 win. Reinhart finished with four goals.
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While the players deserve the credit for winning on the ice, team owners stake a claim to the glory as well. As the business head of the Panthers, guiding the organization to its two Stanley Cup titles and three straight appearances in the championship series, Vincent 'Vinnie' Viola has his named etched on the Cup alongside his players.
Who is Vinnie Viola and how did he make his money?
In many ways, Viola is a typical South Floridian—he's originally from New York. The son of a blue-collar worker—his father was a truck driver—Vinnie grew up in Brooklyn and then attended West Point, graduating in 1976. After fulfilling his required military service, he started as a trader on Wall Street in 1982. Viola also earned his law degree from New York University in 1983.
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By the end of the 1980s he had founded three businesses: a futures trading group, a Texas bank and a derivatives market maker in Europe. While also serving in the Army reserves, eventually rising to the rank of Major, Viola's career on Wall Street progressed until he was chosen as chairman of the NYMEX—the New York Mercantile Exchange, a commodities and futures exchange—in 2001. In 2008, he founded Virtu Financial, a high-speed trading firm that primarily makes markets in various securities, providing liquidity for institutional traders. Virtu went public in 2015 and is the main source of his wealth.
A billionaire, Viola was briefly considered to be nominated as secretary of the Army during Donald Trump's first administration. He withdrew himself from consideration for the post due to a potential conflict of interest that could have resulted in him, as a government official, benefitting from government contracts. He was seeking at the time to acquire a stake in Swiftair, which charters jets to the government.
What is Viola's net worth?
According to Forbes, Viola has a net worth of $6.1 billion, placing him among the 600 wealthiest people on the planet.
When did Viola first get into sports ownership?
Viola originally got involved in sports ownership with the purchase of a minority stake of the New Jersey Nets. He had been a season-ticket holder since about 1989 and bought into the team when real estate developer Bruce Ratner gained control of the franchise in 2004. During his time with the Nets, he had the job of making the major financial decisions for the team, according to a biography of Viola in the club's website. Viola sold his stake to Russian billionaire Mikhail Prokhorov in 2010.
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A couple of years after selling his Nets equity, Viola reportedly reentered sports through ownership of a number of thoroughbred horses. He still owns a troop of race horses through his St. Elias Stable. His horses have won more than $7 million, according to America's Best Racing, a horse racing publication.
When did Viola buy the Panthers?
Viola bought control of the Panthers in 2013, paying $250 million for all of the franchise's equity from hedge funder Cliff Viner and his limited partners. Joining him at purchase time as aminority owner was Doug Cifu, a Virtu cofounder who is now vice chairman of the club.
At the time, Viola had his work cut out for him. The franchise had largely been moribund in its two-decade history since expansion. The season prior to the purchase, the Panthers were the worst NHL team on the ice, and had made the playoffs only once in 12 years before he acquired the team. Under his ownership, the club has made the playoffs seven out of 13 years, including six straight. He also renovated the team's Fort Lauderdale arena and added a two-sheet practice facility and community skating rink, which opened a little over a year ago.
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The team has thrived under Viola. While the Panthers rank 26th in the latest Sportico NHL franchise valuations, their $1.25 billion valuation is more than double the $520 million the team was worth in 2021. Coming off its first Stanley Cup, the club had a 91% season ticket renewal rate for the current season.
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