In 1999, Davidson put in an unsuccessful bid to purchase the Tampa Bay Lightning and gain a controlling interest in their home arena, the Ice Palace. He lost to insurance tycoon Art Williams, but only months later Williams sold the team to Davidson and Palace Sports at a huge loss. When Davidson acquired the Lightning franchise in 1999, the price was $100 million; its value has recently been estimated at $136 million. Tampa Bay won the Stanley Cup under Davidson's ownership in 2004. On August 7, 2007 Davidson sold the Lightning franchise.