According to multiple reports, Major League Baseball approved the sale of a minority stake in the Cleveland Guardians to David Blitzer, who also has ownership shares in the Philadelphia 76ers and New JerseyDevils.
According to the reports, Blitzer will have the right to increase his stake to a controlling interest in a number of years.
The sale of the baseball team was approved at the conclusion of the owners meeting.
The sale of a minority interest in the Guardians was approved by us. Excited about the change there.
The team has not commented on anything.
Paul has been looking for a minority investor in his franchise for a long time. The Kansas City Royals were bought for $1 billion in 2019.
In December, the team had "meaningful discussions" with the co-chairman of the 76ers and the hockey team. The Crystal Palace Football Club has a general partner.
The franchise has had poor attendance in recent seasons despite having a competitive team.
The Dolan Family paid $323 million for the Cleveland franchise in 1999. In the past few years, the team's payroll has dropped from $135 million to $42 million.
An influx of capital could allow the club to sign more of its younger players and be more aggressive in free agency.
Cleveland made long-term investments in several players, including All-Star third baseman José Ramrez, who signed a seven-year, $141 million contract.
The Guardians are in second place in the central division.
The AP contributed.