The Giants sold a 10% ownership stake in the franchise to the private equity firm Sixth Street this week, as first reported by Ken Belson and Lauren Hirsch of The New York Times. The team did not confirm the specific share that it sold but announced what it called a “strategic partnership” with the firm on Tuesday.
Financial terms remain unreported. Team president/CEO Larry Baer said in a statement that the deal “allows (the Giants) to further strengthen our franchise on the field and in the community.” The New York Times writes that the Giants intend to use the money for improvements to Oracle Park and the Mission Rock mixed-use development surrounding the stadium, as well as the team’s Spring Training complex in Scottsdale.
Baer downplayed the possibility that the sale would have an impact on the team’s player payroll. “This is not about a stockpile for the next Aaron Judge (a former free agent target),” Baer told The New York Times. “This is about improvements to the ballpark, making big bets on San Francisco and the community around us, and having the firepower to take us into the next generation.“
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