Oftentimes in U.S. sports, the death of a long-time franchise owner is followed immediately by questions about estate planning, succession intentions and the club’s long-term ownership. The death of 94-year-old Larry Dolan on Monday is unlikely to spark that uncertainty for the Cleveland Guardians.
David Blitzer, who became a minority partner in the MLB team in 2022, is holding a path to control that he acquired as part of his investment. As Sportico previously reported, the deal gives Blitzer the pre-priced opportunity to buy control of the Guardians roughly six years after his initial investment. In the meantime, the club will continue to be owned by the Dolan family and run by Larry’s son Paul, who has been the club’s primary control person since 2013.
“Nothing changes,” a team spokesperson said Monday night in an email. He declined to comment on the specifics of Blitzer’s deal. A rep for Blitzer also declined to comment.
Should Blitzer execute his option, it would be a tidy change of ownership for the Guardians, in contrast to what we’ve seen from a number of sports franchises recently. The Denver Broncos sold in 2022 because the family of late owner Pat Bowlen could not agree on a successor. The family of late Padres owner Peter Seidler is currently in court fighting over control of the MLB team. The death of longtime Chicago Bears owner Virginia McCaskey in early February has spurred all sorts of questions about whether her family can maintain ownership of the team while remaining compliant with the NFL’s ownership rules. The Baltimore Orioles sold last year on the eve of Peter Angelos’ death following disagreements between his children. The Boston Celtics are currently on the market as a result of estate planning for Irving Grousbeck, who is around 90 years old.
The Dolan family bought the Guardians, then nicknamed the Indians, from Dick Jacobs in 2000 for $323 million. Larry Dolan was the brother of Cablevision founder Charles Dolan, and uncle to Jim Dolan, owner of the New York Knicks and New York Rangers. Paul took over control of the franchise in 2013.
The team is currently worth $1.48 billion, according to Sportico’s number. Over the 25 years, that’s a compound annual growth rate of about 6.28%. That’s roughly on par with what an investment in the S&P 500 would have grown to, without dividends reinvested ($1.35 billion). With dividends reinvested, $323 million put into the stock index in late 1999 would be $2.1 billion today.
Blitzer, the chairman of Blackstone’s tactical opportunities group, is the only person Sportico is aware of who has investments in all five major U.S. sports leagues. He is the co-owner with Josh Harris in the NBA’s Philadelphia 76ers and New Jersey Devils; an investor in MLS club Real Salt Lake; an investor in the NFL’s Washington Commanders; and a minority partner in the Guardians. The Guardians were the fifth and final piece to that achievement.
Blitzer’s Harris Blitzer Sports and Entertainment has other sports holdings in its portfolio, including a minority stake in Premier League club Crystal Palace and sports consultancy Elevate. His sports-focused family office, Bolt Ventures, also owns a number of soccer teams in Europe.
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