First Eli Manning. And now, Michael Strahan.
Two of the most beloved and successful former Giants players are attempting to link with investment groups to purchase up to 10 percent ownership of the Giants.
Strahan and billionaire Marc Lasry are teaming up to make a bid, according to Sportico. The current Giants owners, John Mara and Steve Tisch, back in February announced they hired Moelis & Co., a global investment bank, to explore the sale of a minority non-controlling stake in the team.
The NFL last August voted to allow the sale of non-controlling minority stakes, capped at 10 percent, to private investors.
According to the report, Manning, 44, held preliminary conversations about joining Strahan’s group but decided not to “due to conflicts with his other business holdings.”
Last week, Bloomberg reported that Manning was putting together an investment group to bid for a stake in the Giants.
Manning, after 16 years at quarterback, retired after the 2019 season. He works for the franchise in a public relations/ambassador role, hosting “The Eli Manning Show” on Giants.com.
Two teams, the Bills and Dolphins, have already consummated deals with private equity firms for minority ownership stakes.
The Eagles sold approximately eight percent of their franchise to two family investors. Tom Brady and Knighthead Capital bought an approximately 10 percent stake in the Raiders in October.
The Giants are worth $7.65 billion, according to Sportico, ranking third in the NFL and eighth among global sports teams.
The Mara family founded the Giants in 1925 for $500. The Tisch family in 1991 purchased a 50 percent share in the franchise for $75 million.
Strahan, like Manning, was a Giants player for the duration of his career, lasting 15 seasons.
He is the franchise all-time sack leader with 141.5, sixth most in NFL history. Inducted into the Pro Football Hall of Fame in 2014, he earned $76.4 million during his playing career, according to Spotrac.
His post-playing career, highlighted by his hosting “Good Morning America” and as a FOX NFL Sunday analyst, is quite lucrative.
Manning at the time of his retirement was the highest-paid player in NFL history, earning $252 million. He currently ranks ninth on that list, according to Spotrac.
“It’s definitely something of interest,” Manning told CNBC Sport. “There’s probably only one team I’d be interested in pursuing, and it’s the one I played for for 16 years, and it’s local, and makes the most sense.”
Credit: Source link
