Following the Whalers' departure, Karmanos turned his attention to the National Basketball Association (NBA), becoming a founding owner of the Detroit Pistons in the late 1980s. However, his most significant and enduring sports investment came in 1994 when he purchased the Tampa Bay Lightning. Under his ownership, the franchise experienced a dramatic rise, capturing the Stanley Cup in 2004. This achievement provided a high point in his sports career, validating his willingness to invest heavily in building a competitive franchise. His time in the NHL was characterized by a willingness to spend on talent when necessary, a direct reflection of the financial success he had achieved in steel.
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