The Mara and Tisch families are reportedly exploring the sale of up to 10 percent of the New York Giants, per Sports Business Journal’s Ben Fischer.
In a statement, the Mara and Tisch families explained that the stake they are looking to sell would be non-controlling.
“The Mara and Tisch families have retained Moelis & Company to explore the potential sale of a minority, non-controlling stake in the New York Giants,” the statement read, per NFL Network’s Mike Garafolo. “There will be no further comment in regard to the process.”
The Mara family has owned the Giants since Tim Mara founded the team in 1925. John Mara, Tim Mara’s grandson, is the current president of the organization. The Mara family currently owns 50 percent of the team with the Tisch family owning the other half since 1991.
The reason for the sale is unknown, according to Fischer, though the decision comes after the NFL approved a policy in August that allows private equity firms to purchase up to 10 percent of teams.
Two other teams have sold a stake in their franchise since the NFL approved the new policy. Arctos Partners bought 10 percent of the Buffalo Bills while Ares Management purchased a 10 percent stake in the Miami Dolphins.
A 10 percent sale of the Giants could potentially reset the mark on NFL team valuations. Forbes estimates the team to be worth $7.3 billion, though Fischer noted that estimates for the club’s value range to as much as $7.85 billion.
In December, Philadelphia Eagles owner Jeffrey Lurie sold eight percent of the team based on an $8.3 billion valuation. Fischer noted that based on the sheer size of New York’s market (nearly 19.5 million) compared to Philadelphia’s market (6.2 million), the valuation of the Giants could be higher than that of the Eagles.
Some factors, however, could decrease the valuation of the team, like the fact that it shares a city with the New York Jets. The team’s lack of success over the last decade-plus could also diminish its value despite a 100-year history that includes four Super Bowls since 1986.
