CLEVELAND, Ohio — Paul Dolan’s search for a minority investor is complete. The Guardians owner today announced a group led by David Blitzer has agreed to purchase a 25% stake in the franchise, with an eventual path to majority ownership.
News that Blitzer had been approved by Major League Baseball owners to purchase a share of the club broke June 16 following MLB owners meetings in New York. Terms of the deal include an option for Blitzer to become majority owner in up to six years.
“I am very excited about bringing on David Blitzer and his group as our partners,” Dolan said in a statement. “David brings a wealth of experience in the sports industry that we believe will be a complementary addition to our organization. I look forward to collaborating with David for years to come to achieve our goal of winning a World Series.”
Dolan’s search to replace former minority investor John Sherman began two years ago when Sherman divested his interests in order to buy his hometown Kansas City Royals. Eventually, the Dolan family reached an agreement with Blitzer, who is the lead minority investor and point person of a group that includes local philanthropist Matt Kaulig.
Since Sherman’s departure, Cleveland’s payroll has declined from a high of nearly $130 million to among the league’s lowest in 2020. This year’s salary figure of $68 million promises to trend upward with Blitzer’s investment.
Blitzer has more than a decade of experience owning and operating professional sports teams, including the Philadelphia 76ers and New Jersey Devils as well as pro soccer clubs Crystal Palace, Real Salt Lake and numerous international soccer interests.
Blitzer said in a statement that he his thrilled to join the Guardians ownership group because of the club’s “loyal and engaged” fanbase.
“Our goal is to support Paul and the incredibly talented Guardians leadership team in delivering to Cleveland a team that can contend for a World Series,” Blitzer said. “We also look forward to assisting the Guardians in their mission of using the platform of baseball to drive positive change in the communities our team serves.”
Blitzer, a global sports and entertainment investor, is the co-founder and co-managing general partner of Harris Blitzer Sports & Entertainment. Along with his wife, Allison, he established the Blitzer Family Foundation to support organizations that positively impact community enrichment and youth development through education, athletics, health and wellness.
Kaulig, of the Northeast Ohio-based Kaulig Companies, will be a local investor within Blitzer’s investment group. Kaulig Companies are a corporate partner of the Guardians and are very active in giving back to many non-profit organizations locally and beyond.
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