Tampa, FL (Best E Casino) - Palace Sports and Entertainment, the corporation which owns the Tampa Bay Lightning, announced on Wednesday that it has agreed to sell the franchise.

Under the agreement, OK Hockey, LLC -- controlled by Hollywood-based producer Oren Koules -- will acquire the Lightning and the rights to the St. Pete Times Forum, as well as 5 1/2 acres of land in Tampa owned by Palace Sports.

Completion of the deal is expected within the next 3 1/2 months, but is contingent upon final approval from the National Hockey League.

"We are pleased to move forward with Oren Koules and OK Hockey, LLC as the next owner of the Tampa Bay Lightning," said PSE president and CEO Tom Wilson. "Oren is a passionate hockey man who cares deeply about the franchise and the Tampa Bay community. We look forward to a smooth transition and a terrific future as he assumes control of the Lightning."

Despite prior troubles with previous ownership groups from the team's inception back in 1992-93, the Lightning have thrived under Palace's watch.

Since owner William Davidson and Palace Sports decided to bring the Lightning into the fold in the Summer of 1999, the franchise has risen from a nearly bankrupt, talent-thin team under businessman Art Williams to Stanley Cup champions.

The Lightning have compiled a 239-247-50-38 record over the last seven full NHL seasons including four consecutive winning years, a pair of Southeast Division titles and the 2004 Cup win over the Calgary Flames -- making the franchise the first post-1979 expansion club to win hockey's biggest prize.

News of the deal comes as Tampa has struggled this season, owning a 24-27-6 mark as of Wednesday, last place in the Southeast and one point behind Toronto for worst record in the Eastern Conference.