Cleveland Guardians make David Blitzer minority owner partnership official
David Blitzer's investment in the Guardians as a minority owner — a move that reportedly includes a potential path for him to become the team's majority owner within the next several years — is now official.
On Monday, the team formally announced the partnership between Blitzer and the Guardians franchise. Blitzer is reportedly taking on a 25-30 percent initial stake in the team, which was first reported by The Athletic and the Associated Press. That ownership stake could eventually grow as he takes over as the majority owner in the team, replacing Paul Dolan.
“I am thrilled to join the ownership group of the Cleveland Guardians, a storied Major League Baseball franchise with a loyal, engaged fanbase,” Blitzer said in a statement. “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. 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. I thank Paul and the Dolan family, as well as our partners in this investment, for this amazing opportunity.”
Major League Baseball announced the approval of the sale of a minority stake in the Guardians to Blitzer at the conclusion of the owners meeting in New York by commissioner Rob Manfred on June 16.
Dolan, as the team's majority owner, has been seeking a minority investor for more than a year, a search that began after former minority investor John Sherman bought the Kansas City Royals.
“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.”
Blitzer, 52, is the co-founder of Harris Blitzer Sports & Entertainment. He also has ownership shares in the NBA's Philadelphia 76ers, the NHL's New Jersey Devils, the English Premier League's Crystal Palace, the MLS' Real Salt Lake and other sports entities. Dolan confirmed in December that the team had engaged in "meaningful discussions" with Blitzer regarding an interest in the Guardians.
Guardians manager Terry Francona wasn't sure that the announcement of the Blitzer partnership sent a message to his team, presumably in terms of a higher payroll.
"I don't know about a message. I met David back in New York. Seemed like a real nice guy," Francona said before the Guardians opened a five-game series against the Minnesota Twins at Progressive Field. "Personally, I'm happy for Paul. It seems like a pretty big weight that he's ... that now he has somebody to help him here. Which I think is great.
"I've been spending my entire day thinking about how we're going to play these guys five games in four days. I'm sure it's a really good ... I bet you John Sherman's happy, too."
The Dolans purchased the team for $323 million in 1999. In terms of major league payroll, the franchise reached new heights in 2017 and 2018, eclipsing $140 million for the first time in the club's history, which followed the 2016 run to the World Series. Over the last several years, the payroll has severely been cut — at one point by nearly $100 million — despite the team's potential to contend for a playoff spot with the youngest roster in baseball.
It remains unknown how Blitzer's immediate or long-term involvement could impact the club's major league payrolls. The Guardians did make the franchise's largest ever long-term investment in one player recently when star third baseman Jose Ramirez was signed to a $141-million extension that can keep him in Cleveland through 2028.
Matt Kaulig, of the Northeast Ohio-based Kaulig Companies, will be a local investor within Blitzer's investment group.
Francona has never met Kaulig, a former University of Akron quarterback who owns Kaulig Racing, a NASCAR and Infinity series team. It was recently announced Kaulig Companies will take over as the title sponsor for the PGA Tour Champions' Senior Players Championship at Firestone Country Club in a four-year agreement that starts in 2023.
"I'm guessing he has something to do with that sign up on the first base side," Francona said, referring to the designation of the Kaulig Companies Club. "I don't know him. But I know he has a sign, so that's good."
Ryan Lewis can be reached at rlewis@thebeaconjournal.com. Read more about the Guardians at www.beaconjournal.com/sports/cleveland-guardians. Follow him on Twitter at @ByRyanLewis.
This article originally appeared on Akron Beacon Journal: David Blitzer officially becomes Cleveland Guardians minority investor
