Report: Giants looking to sell limited stake in team
The New York Giants are putting a limited stake in the team on the market, with the process likely to set a record for an NFL franchise valuation, Sports Business Journal reported on Thursday.
The Giants, regarded as one of the most valuable sports teams in the world because of their history and the New York City market, have hired Moelis & Co. as their banker, according to the report.
The team's majority stake and control will remain with the Mara family. The team's president is John Mara, whose grandfather Tim Mara founded the team in 1925.
While the reason for exploring a limited partner is not known, the timing comes after the NFL approved a policy in August that allows private equity firms to buy up to 10 percent of teams.
The Giants organization and Moelis & Co. declined to comment to Sports Business Journal.
Forbes' most recent valuation of the Giants came in at $7.3 billion, while CNBC pegged it at $7.85 billion.
For a recent comparison, the newly minted Super Bowl champion Philadelphia Eagles had ranged in value from $6.6 billion (Forbes) to $7 billion (CNBC). Then in December, the Eagles sold a combined 8 percent to two families in separate transactions valuing the franchise at $8.1 billion and $8.3 billion, respectively.
Philadelphia owner Jeffrey Lurie still controls 85 percent of the team under terms of the sales.
The Eagles are now at the top of the pro football world, while the Giants have been among the NFL's worst teams in recent seasons.
Three private equity firms got NFL approval in December to make deals to acquire limited partnerships in teams. Arctos Partners purchased 10 percent of the Buffalo Bills, and Ares Management bought a 10 percent stake in the Miami Dolphins and related assets.
The Bills were valued by CNBC at $5.35 billion before the sale, while the Dolphins were valued at $8.1 billion.
--Field Level Media
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