Long-time New York Giants owners John Mara and Steve Tisch are exploring the possibility of selling 10% of their franchise — and there is no more obvious choice to take on such a responsibility than franchise legend Eli Manning.
The Giants announced last week that it had retained Moeolis & Company, an investment bank and strategic adviser, to foray into the possibility of selling a non-controlling stake of the franchise, which the Mara had owned since its founding in 1925 before a 50-50 split with the Tisch family was established in 1991.
John Mara and Steve Tisch have been in control since 2005 and did not list a particular reason for wanting to sell a portion of the team. This has been a trendy option for teams to take since the NFL approved a vote in August to allow private equity firms to buy up to a 10% share in its teams.
In December, the Miami Dolphins and Buffalo Bills became the first teams to sell minority shares to such firms. The Bills’ 10 limited partners include Basketball Hall of Famers Vince Carter and Tracy McGrady and former US men’s soccer star Jozy Altidore.
The Giants’ sudden non-controlling sale opens the door for Manning, the greatest quarterback in franchise history and two-time Super Bowl winner, to get back into the organization that he so admires.
During a January interview with CNBC Sport, Manning expressed interest in NFL ownership — specifically with the Giants.
“It’s definitely something of interest,” Manning said. “There’s probably only one team I’d be interested in pursuing, and it’s the one I played for for 16 years. And it’s local and makes the most sense, but we’ve just got to figure out if they would ever sell a little bit.”
Consider this a dream come true for the 44-year-old, who has two Super Bowl MVPs to his name and ranks 11th in NFL history in passing yards and passing touchdowns.
The price for 10% of the Giants will be steep. The Philadelphia Eagles also recently sold 8% of their team at an $8.3 billion valuation, equating to a $664 million price tag for the two family investors who joined the ownership group.
Considering the Giants are one of the oldest and most recognizable franchises in the NFL, playing in the New York City market, their valuation could easily exceed $10 billion.
