In U.S. sports, the death of a long-time franchise owner is frequently followed by inquiries regarding estate planning, succession plans, and the club’s long-term ownership. The death of Larry Dolan, 94, on Monday is unlikely to add to the uncertainty for the Cleveland Guardians.
David Blitzer, who became a minority partner in the MLB franchise in 2022, has a road to control that he obtained as part of his investment. As previously reported by Sportico, the agreement allows Blitzer to purchase control of the Guardians at a predetermined price approximately six years after his original investment. Meanwhile, the club will remain owned by the Dolan family and operated by Larry’s son Paul, who has served as the club’s chief control person since 2013.
“Nothing changes,” a team representative wrote in an email Monday night. He declined to discuss the specifics of Blitzer’s arrangement. A spokesperson for Blitzer also declined to comment.
If Blitzer exercises his option, the Guardians would have a clean change of ownership, unlike what we’ve seen with a number of other sports organizations recently. The Denver Broncos sold in 2022 because late owner Pat Bowlen’s family couldn’t agree on a successor. The family of late Padres owner Peter Seidler is currently in court fighting for possession of the MLB organization. The death of longtime Chicago Bears owner Virginia McCaskey in early February has raised concerns about whether her family can continue ownership of the organization while adhering to the NFL’s ownership regulations. The Baltimore Orioles sold last year on the eve of Peter Angelos’ death due to issues among his children. The Boston Celtics are now on the sale as part of Irving Grousbeck’s inheritance preparation, as he is around 90 years old.
Dick Jacobs sold the Guardians, then known as the Indians, to the Dolan family for $323 million in 2000. Larry Dolan was the brother of Cablevision’s founder, Charles Dolan, and the uncle of Jim Dolan, who owns the New York Knicks and Rangers. Paul gained leadership of the franchise in 2013.
Sportico estimates the team’s current worth at $1.48 billion. That represents a compound annual growth rate of around 6.28% over the course of 25 years. That’s nearly equivalent to what an investment in the S&P 500 would have grown to without dividends reinvested ($1.35 billion). With dividends reinvested, the $323 million invested in the stock index in late 1999 would be worth $2.1 billion today.
Blitzer, the chairman of Blackstone’s tactical opportunities division, is the only person Sportico knows of who has assets in all five major American sports leagues. He co-owns the NBA’s Philadelphia 76ers and New Jersey Devils with Josh Harris, is an investor in MLS club Real Salt Lake, an NFL investment in the Washington Commanders, and a Guardians minority partner. The Guardians were the fifth and last component to that success.
Blitzer’s Harris Blitzer Sports and Entertainment also owns a minority investment in Premier League club Crystal Palace and the sports consultancy Elevate. His sports-focused family office, Bolt Ventures, now owns several soccer teams throughout Europe.
