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Outside of the Giants, Sixth Street is the lead investor in Bay FC, a pro women's soccer team in the NWSL, and has a 20% stake in the NBA's San Antonio Spurs. It also has investments linked to Spanish footballing giants Real Madrid and FC Barcelona.
Private equity firms have been piling into sports teams over recent years, after leagues have relaxed rules on who can own franchises. The MLB's private equity rules state a fund can own up to 15% and there is no limit on the number of teams a fund can invest in. No club can sell more than 30% to institutional investors.
San Francisco Giants are the latest Bay Area team to explore selling a stake to a new partner. Both the Golden State Warriors and San Francisco 49ers have similar aspirations. The Giants are one of the most valuable franchises in the MLB at $3.8 billion, according to Forbes.
Bloomberg previously reported the Giants had a stake for sale last year.
The New York Times, which reported the sale earlier, said the team will be using the money to pay for stadium upgrades and other real estate developments that are near the facility.
'We believe in the future of San Francisco, and our sports franchises, like the Giants, are critical ambassadors for our city of innovation,' said Alan Waxman, Sixth Street co-founder and chief executive officer in a statement.
Sixth Street is also one of the four private equity groups permitted to invest in NFL teams, but has not bought into a pro football team yet.
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