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Tampa, Florida -- Tampa Bay Lightning owner Jeff Vinik will be allowed to assume control of downtown's Channelside Bay Plaza.

Vinik's company CBP and Liberty Channelside have reached an agreement for Vinik's group to redevelop the retail center. Vinik had the winning bid at auction, but had been challenged by Liberty in bankruptcy court.

On Monday afternoon, a judge approved Vinik's $7.1 million bid.

Vinik and Liberty Channelside also came to a settlement after they accused Vinik and the Port Tampa Bay of being in-cahoots.

Here's the statement from Liberty: "We are pleased this issue is resolved and are confident in Mr. Vinik's plans to redevelop the Channelside retail center."

Vinik's group said they're looking forward to turning around a community asset.

Here's more coverage of the Channelside sale:

Port accepts Vinik offer

See what's part of L.A. Live

Lightning owner's vision

Vinik also plans luxury hotel

Liberty offer for Channelside

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