CLEVELAND — Billionaire David Blitzer, a sports businessman, has officially joined the Cleveland Guardians As a minority owner, the club will eventually be taken over by them.
On Monday, the team reached an agreement with Blitzer’s investment group and announced that it had completed the process of acquiring a minority share in the American League team.
Paul Dolan, owner of the Philadelphia 76ers, had been searching for a minority investor for many years. He finally found one with Blitzer. Blitzer also owns ownership stakes in the NHL’s New Jersey Devils and NBA’s Philadelphia 76ers.
Dolan stated, “I am very excited to bring on David Blitzer’s group as our partners.” We believe David will add value to our company by bringing a wealth in sports industry experience.
“I look forward collaborating with David for many years to achieve our goal to win a World Series.”
Major League Baseball approved Blitzer’s acquisition earlier this month. Blitzer, 52, also owns the Sixers and Devils. Additionally, he has sports holdings with Crystal Palace and Real Salt Lake soccer clubs.
Blitzer said, “I am thrilled that I have been invited to join the ownership team of the Cleveland Guardians,” Our goal is to support Paul, the Guardians’ leadership team and deliver to Cleveland a team capable of contending for a World Series.
“We look forward to supporting the Guardians as they use baseball’s platform to make positive changes in the communities that our team serves. This amazing opportunity has been given to me by Paul Dolan and his family as well as our investors.
Blitzer is expected to initially own 25-30% of the company and have the option to increase his ownership over time.
Blitzer’s acquisition should give the Guardians capital to possibly be more aggressive with free agency and in signing younger players.
The Guardians are only two games away from first in the AL Central despite having one of the lowest payrolls in baseball. They begin a five-game series against Minnesota on Monday.