Update: USF business program acknowledges $5 million in support from Vinik family

The University of South Florida on Tuesday named a business program for the Vinik family.

Tampa Bay Lightning owner Jeff Vinik, along with his wife, Penny, and the team, helped launch USF's dual-degree, sports-centric graduate program in 2012.

It will now be called the Vinik Sport & Entertainment Management program.

USF officials said the renaming comes amid Jeff and Penny Vinik's generous and ongoing support, which they said totals $5 million.

The program takes Muma College of Business students through the fundamentals, such as management, marketing and accounting, with a focus on the sport and entertainment industry.

The university said in a news release that the Viniks' support emphasizes job readiness, faculty development and relationships with local business leaders.

The Viniks, as well as USF System President Judy Genshaft, Muma Dean Moez Limayem and USF Foundation CEO Joel Momberg were on hand for the announcement.

"This program is creating a pipeline of in-demand talent. Our graduates are becoming known as top employees who make better, stronger companies, which in turn, benefits our entire region," Limayemhe said. "Our graduates are ready for decision-making professional jobs in areas ranging from operations to business intelligence to marketing and partnership development."

Vinik is part of a local group of investors who contributed to the refinancing of the Times Publishing Co., which owns the Tampa Bay Times.