David Blitzer’s pending investment in a 35 per cent share of the Cleveland Guardians values the Major League Baseball franchise at $1 billion, according to Forbes.
The Guardians are majority-owned by the Dolan family, which holds 85 per cent of the franchise’s shares. The remaining 15 per cent is held by Kansas City Royals owner John Sherman.
According to Forbes, the potential deal would see Blitzer acquire all of Sherman’s shares, as well as 20 per cent of the Dolan family’s holding.
According to Forbes, the Guardians made an operating profit in the range of ‘mid-to-high seven figures’ last year. The franchise also recently extended the lease for their Progressive Field home until 2036 and are planning a state-funded $435 million renovation of the venue.
