CLEVELAND, Ohio — Paul Dolan’s search for a minority investor is complete. The owner of the Guardians announced today that a group led by David Blitzer has agreed to buy a 25% stake in the franchise, with a possible path to a majority stake.
News that Blitzer had been approved by Major League Baseball owners to buy a stake in the club broke on June 16 following MLB owners’ meetings in New York. The terms of the agreement include an option for Blitzer to become majority owner within a maximum of six years.
“I am very happy to have David Blitzer and his band as partners,” Dolan said in a statement. “David brings a wealth of experience in the sports industry which we believe will be a complementary addition to our organization. I look forward to working with David in the 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 struck a deal with Blitzer, who is the lead minority investor and point person for a group that includes local philanthropist Matt Kaulig.
Since Sherman’s departure, Cleveland’s payroll has fallen from a high of nearly $130 million to one of the league’s lowest in 2020. This year’s salary figure of $68 million promises to rise 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 professional soccer clubs Crystal Palace, Real Salt Lake and many international football interests.
Blitzer said in a statement that he was delighted to join the Guardians ownership group because of the club’s “loyal and committed” fan base.
“Our goal is to support Paul and the incredibly talented Guardians management team in delivering a World Series capable team to Cleveland,” Blitzer said. “We also look forward to assisting the Guardians in their mission to use 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-manager of Harris Blitzer Sports & Entertainment. 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 Kaulig Companies based in northeast Ohio, will be a local investor in Blitzer’s investment group. Kaulig Companies is a corporate partner of the Guardians and is very active in giving back to many non-profit organizations locally and beyond.
Guardians goods for sale: This is where you can order new Cleveland Guardians gear including t-shirts, hats, jerseys, hoodies and more.
If you or a loved one have questions and need to speak to a gambling professional, call the Ohio Problem Gambling Helpline at 1-800-589-9966 or the from the National Council on the Gaming Program (NCPG) at 1-800-522-4700.
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