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The New York Giants announced plans to sell a limited ownership stake Thursday (February 13) night, which is reportedly expected to set a record for an NFL franchise valuation, according to ESPN.
The Giants, regarded as one of the most valuable professional sports franchises based on the New York City market and team history, intend to sell up to 10% of the team and have hired Moelis & Co. as their banker. The Mara and Tisch families currently own 50% of the franchise, with John Mara and Steve Tish having been in control on behalf of their families since the deaths of their fathers Wellington Mara and Bob Tish weeks apart in 2005.
"The Mara and Tisch families have retained Moelis & Company to explore the potential sale of a minority, non-controlling stake in the New York Giants," the team said in a statement obtained by ESPN. "There will be no further comment in regard to the process."
Bob Tisch purchased approximately 50% of the Giants ownership for approximately $75 million in 1991, while the franchise was founded by Tim Mara for $500 in 1925. The Giants' reason for exploring a limited sale has not yet been revealed publicly, though it comes after the NFL approved a policy allowing private equity firms to purchase up to 10% of franchises in August.
The Giants were recently pegged as being valued at $7.3 billion by Forbes and $7.85 billion by CNBC, according to ESPN. The Super Bowl LIX champion Philadelphia Eagles recently sold a combined 8% of ownership to two families in separate transactions valued at $8.1 billion and $8.3 billion, respectively, though Jeffrey Lurie still controls 85% of the franchise under terms of the sales.