BREAKING: Giants announce major deal that left fans buzzing
The San Francisco Giants have sold an estimated 10 percent stake in the franchise to private equity firm Sixth Street.
While the team confirmed the agreement on Tuesday, it did not disclose the financial details. The New York Times initially reported the deal on Monday. According to Sportico, the Giants and their related assets are valued at $4.2 billion.
MLB reportedly approved Sixth Street’s investment on Monday, with the funds allocated toward enhancements at Oracle Park, upgrades to the Giants’ training facilities in Scottsdale, Arizona, and the Mission Rock real estate project near McCovey Cove.
Giants president and CEO Larry Baer described the investment as the team’s most significant in 30 years, emphasizing that it would not be used for player acquisitions. “This is not about stockpiling for the next Aaron Judge,” Baer told the New York Times. “It’s about improving the ballpark, investing in San Francisco and our surrounding community, and positioning us for the future.”
Sixth Street, the majority owner of NWSL team Bay FC, also has investments in the NBA’s San Antonio Spurs and European soccer clubs Real Madrid and FC Barcelona.
“We believe in San Francisco’s future, and teams like the Giants serve as key representatives of our city’s spirit of innovation,” said Sixth Street co-founder and CEO Alan Waxman in a statement. “We support Larry and the Giants’ leadership team as they drive this exciting new chapter forward.”
Founded in 2009 and headquartered in San Francisco, Sixth Street manages $75 billion in assets, according to Front Office Sports.