Cleveland Guardians Sale: More Than 25% Of Team Sold To Minority Investor

A partial sale of the Cleveland Guardians has been approved by Major League Baseball. David Blitzer has reportedly agreed to purchase a minority stake in the team that could eventually turn into majority ownership.

Blitzer will start with 25-30% ownership of the Guardians, according to The Associated Press. The deal lets Blitzer to take a controlling interest in the club in six years, though it could happen sooner if current majority owner Paul Dolan allows it, MLB Network’s Jon Heyman reported.

When the deal is finalized, Blitzer will have equity in five professional sports leagues. Blitzer already owns a stake in the Philadelphia 76ers, New Jersey Devils, Pittsburgh Steelers and MLS’ Real Salt Lake.

Prior to the start of the 2022 MLB season, Forbes estimated the Guardians to be worth $1.3 billion. The valuation ranked Cleveland 24th among MLB’s 30 teams, though the Guardians’ 12% increase from 2021 was the most of any team in the bottom half of the league.

Dolan confirmed late last year that he was in talks to sell part of the Guardians. The organization was purchased by the Dolan family in 1999 for a reported $323 million.

Dolan has been criticized for his unwillingness to spend money on the Guardians. Cleveland has traded away some of its best players in recent years. Only the Oakland Athletics and Baltimore Orioles have a lower payroll than Cleveland, according to Spotrac.

The Guardians did lock up MVP candidate Jose Ramirez to a seven-year, $141 million contract before Opening Day. Cleveland is 2.5 games out of first place in the AL Central. The Guardians are 26th in attendance with an average of 14,581 fans per game.

Cleveland last won a World Series in 1948.