A small stake within the San Francisco Giants is up on the market at a price that would raise the team's value to around $4 billion, people conversant in the matter say.
The Major League Baseball team is owned by about 30 partners, including former catcher Buster Posey and investor Arctos Sports Partners. Charles B. Johnson, 91, former chairman of Franklin Templeton Investments, holds the most important stake, a couple of quarter.
The share is lower than 5% and is said to estate planning, said the person, who asked to not be identified discussing private information.
A Giants spokesman didn’t immediately reply to a request for comment.
A consortium of investors led by Peter Magowan bought the Giants in 1992 for $100 million. The team has since develop into one in every of the league's most profitable teams and has invested within the redevelopment of its waterfront stadium.
The Giants' financial success stands in stark contrast to the struggling Oakland Athletics, who will play in West Sacramento, California, for 3 seasons starting next 12 months before moving to Las Vegas.
Sales of minority stakes in sports teams often occurred unannounced, however the rapid rise in team valuations has brought particular attention to ownership changes.
Unlike other sports, recent majority ownership has been relatively rare for MLB teams, with only a handful of teams changing ownership during the last decade.
Earlier this 12 months, David Rubenstein and a consortium of investors acquired a majority stake within the Baltimore Orioles, valuing the team at $1.73 billion. The New York Mets, Kansas City Royals, Miami Marlins and Seattle Mariners have also modified hands since 2016.
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–With assistance from Randall Williams.
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