Major League Baseball, according to several reports, has approved David Blitzer, who owns shares in the Philadelphia 76ers and the New Jersey Devils, to sell a minority stake in Cleveland Guardians.
According to the report, Blitzer will initially own 25-30% and will have the right to increase its stake for a controlled interest over several years.
Commissioner Rob Manfred approved the sale after a three-day owners’ meeting in New York.
“We have approved the sale of minority interests between parents, pending closure,” Manfred said. “I’m really looking forward to the change there.”
Manfred did not provide further details and the team did not comment.
Patron owner Paul Dolan has been looking for minority investors in his franchise for more than a year. His interest has grown since former minority investor John Sherman bought the Kansas City Royals.
In December, Dolan said the team had “fruitful discussions” with Blitzer, a 52-year-old equity investor and co-chairman of the 76ers and Devils. Blitzer is also a regular partner of Crystal Palace Football Club.
Dolan hired New York Investment Bank Allen & Co. to help build partners for its franchise, which, despite being a competitive team, has suffered from a low attendance in recent seasons.
The Guardians is one of the youngest teams in the Major and \ Capital could sign its younger players and become more active in the free agency.
Earlier this season, Cleveland made long-term investments in a number of players, including all-star third baseman Jose Ramirez, who signed a seven-year, 141 million contract.
The Guardians are 31-27 and are second in the American League Central.
The Associated Press contributed to this report.
