Blitzer purchases 25% stake in Guardians
He's also part-owner of NBA's 76ers and NHL's Devils
CLEVELAND -- The Guardians have added financial resources and plenty of experience at the top of the organizational chart.
On Monday morning, the Guardians announced that David Blitzer has joined the organization as minority owner. The announcement comes as no surprise, as MLB Commissioner Rob Manfred confirmed over a week ago that the League had approved Blitzer’s purchase.
Blitzer now has a 25 percent stake in the Guardians, and the terms include an option for him to become majority owner in six years.
“I am very excited about bringing on David Blitzer and his group as our partners," said Cleveland Guardians owner, chairman and CEO Paul Dolan. "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.”
Cleveland has been searching for a minority owner since John Sherman left in 2019 to purchase the Royals. Since his departure, the team had dramatic cuts in payroll, watching its Opening Day payroll drop dramatically from nearly $130 million in ‘19 to under $40 million in ‘20. As that number has slowly started to rise each year since the then, it certainly won’t hurt to have Blitzer in the mix to add some financial stability to keep that positive trend moving forward.
“I am thrilled to join the ownership group of the Cleveland Guardians, a storied Major League Baseball franchise with a loyal, engaged fanbase,” said David Blitzer. “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.”
The Guardians have been talking to Blitzer since the winter. While he hadn’t had experience in MLB before, he’s no stranger to the sports industry, as he’s been part-owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils for the past decade.