Florida Panthers majority owner Alan Cohen is stepping down to allow two minority partners to run the NHL franchise.
The team introduced Cliff Viner and Stu Siegel as co-general partners at a news conference Monday.
An email sent to fans said that Cohen will remain a limited partner with the team, which has not won a playoff series since 1996 or a playoff game since 1997.
In the release, Cohen thanked Viner and Siegel and said South Florida is a "great market and they deserve a winner."
The deal has not yet been approved by the league.
Cohen led a group of investors that bought the Panthers in 2001 from billionaire entrepreneur H. Wayne Huizenga.