By The New York Giants ownership is considering the sale of a minority stake in the franchise, the team confirmed on Thursday.
The Giants did not outline the percentage of the stake potentially for sale, but did confirm they had acquired the services of an investment bank to explore the opportunity.
“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 Giants said in a statement sent to CNN.
“There will be no further comment in regard to the process.”
The statement comes after the Sports Business Journal reported Thursday that the Giants were looking to sell up to 10% of the team, citing unnamed sources.
Last year, the NFL voted in favor of allowing private equity firms to buy up to 10% of teams.
John Mara and Steve Tisch, on behalf of their families, currently own 50% each of the Giants.
The franchise was purchased by Tim Mara, John’s great grandfather, in 1925 for $500.
In 1991, Steve Tisch’s father, Robert, became a co-owner after negotiating a 50% stake in the team. The franchise has been co-owned by the two families ever since.
Last year, Forbes ranked the Giants as the fourth most valuable team in the NFL, estimating its worth to be $7.3 billion.
Despite the team’s glittering history, current Giants fans have grown disgruntled by the lack of recent success. Last year, the team failed to retain superstar running back Saquon Barkley – who went to their division rivals, the Philadelphia Eagles, and recently won Super Bowl LIX – and wallowed to a 3-14 record. The Giants last won the Super Bowl in 2012 and have only had two playoff appearances since: the 2016 and 2022 seasons.
