Minority stake in Cleveland Guardians goes to David Blitzer with future option for controlling interest, per reports

Major League Baseball has approved the sale of a minority stake in the Cleveland Guardians to David Blitzer, who also has ownership shares in the Philadelphia 76ers and New Jersey Devils, according to multiple reports.

Blitzer initially will have 25-30% ownership and will have the right to increase his stake to a controlling interest in several years, according to the reports.

Baseball Commissioner Rob Manfred announced approval of the sale at the conclusion of a three-day owners meeting in New York.

“We did approve a sale of a minority interest in the Guardians, pending the closing,” Manfred said. “Really excited about the change there.”