The Cleveland Guardians appear close to getting a new minority owner.
David Blitzer, who has part ownership stake in the New Jersey Devils, Philadelphia 76ers and professional European soccer teams, is close to an agreement to own 35% of the Guardians, according to a Sportico report.
Per the report, the deal would include a path to control for Blitzer and eventually take over from the Dolan family, the franchise’s current principal owners since 1999.
The deal is not yet done, however, and talks could still fall apart as the negotiation is complex and includes equity from the Dolans and Royals owner John Sherman, who is also a Guardians minority owner.
Sportico valued the Guardians at $1.375 billion, which ranks 21st among the 30 MLB teams.
In addition to his ownership stakes in various sports teams, Blitzer is the global head of Blackstone’s tactical opportunities group and member of the firm’s management committee.
Blitzer, a New Jersey native, graduated magna cum laude from the University of Pennsylvania in 1991. Blitzer was a member of the investment group that won a $280 million bid for the purchase of the Philadelphia 76ers, a deal that was announced in July of 2011.
In July 2020, Yahoo! Finance estimated Blitzer’s net worth as $1 billion.
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