A few years ago, when the Dolan family and John Sherman wanted to unload the Cleveland Guardians there was more than one bidder willing to pay $1.4 billion for the MLB team.
Copyright 2022 The Associated Press. All rights reservedThat’s one explanation for the unusual deal the Dolans struck with an investor group led by the Blackstone Group executive. Last year, the Dolans, who owned 85% of the Cleveland Guardians, were seeking an investor in the MLB team while John Sherman, who purchased the Kansas City Royals in 2019 and had placed his 15% ownership of the Guardians in a trust, needed to divest his stake entirely.
More than one potential buyer stepped up to the plate who was willing to pay $1.4 billion for the Guardians. One problem: Each of them wanted 100% of the team while the Dolan family preferred to hang on to control for several more years. Up stepped Blitzer, whose sports-club ownership includes stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. Blitzer agreed to acquire 35% of the Guardians at aenterprise value . As part of the agreement, Blitzer’s group, which includes NASCAR racing team owner Matt Kaulig, agreed to an option to buy the remaining 65% of the team in six years.
To the rescue came the Dolan family, who agreed to let Blitzer’s group take control of 35% of the team now but pay for 25% this year and 10% in two years. “” in general is not uncommon but rarely involves both the initial investment and a longer-term option for control. With the Guardians currently in first place in the American League Central and likely headed for the playoffs, the highly unusual deal could work out for both the Dolans and the Blitzer group.
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