Without a big TV deal in place to keep revenue flowing, Cleveland Indians owner Paul Dolan is trying to lure investors by offering minority stakes for the franchise. Unfortunately, Dolan’s efforts may well be futile.
According to the New York Post, Dolan has hired a boutique investment bank, Allen & Co., to “shop roughly 30 percent of the team.”
“He doesn’t have deep enough pockets and is looking to a new investor to ramp up spending on salaries, sources said. The club’s payroll of $76 million ranks 26th among Major League Baseball’s 30 teams,” the report states.