Report: Indians push to find minority owner
Dolan contacts investment bank to shop roughly 30 percent of club
CLEVELAND -- Indians owner Paul Dolan has been open to adding a minority partner for several years, and he continues to explore possible investors. Cleveland's ownership has now sought the help of a firm in the search.
According to a report in the New York Post, Dolan has been working with Allen & Co. -- a boutique investment bank -- for several months in order to shop roughly 30 percent of the team. The Indians had no comment on the article, but a source noted that Dolan has long been willing to bring in a minority owner.
Dolan's search for an investor is completely unrelated to the situation surrounding Indians team president Mark Shapiro, who is considered a strong candidate to take over the same role for the Blue Jays when Toronto's president and CEO, Paul Beeston, retires after this season. A source indicated that a decision is expected "sooner rather than later" for Shapiro.
The Indians will travel to Toronto on Monday to open a three-game series against the Blue Jays.
As for Dolan, there is no indication that he has interest in selling more than a minority share of the team. The Dolan family has long-standing ties to the Cleveland area, and Paul Dolan's father, Larry Dolan, purchased the Indians for $323 million from former owner Dick Jacobs in 1999.