Net worth

Net worth of new Guardians minority partner Blitzer, 21st among MLB owners

David Blitzer, who became a minority owner of the Cleveland Guardians on June 16, has a net worth of $1.3 billion, according to a report last month from haqexpress.com.

Blitzer, 52, was born in New Jersey. He and his wife, Allison, have five children. Blitzer graduated from the University of Pennsylvania (Browns head coach Kevin Stefanski’s alma mater) magna cum laude in 1991. He became a billionaire as a private equity investor.

Blitzer has his fingers in many sports pies. He and his business partner, Josh Harris, are majority shareholders of the New Jersey Devils of the NHL and the Philadelphia 76ers of the NBA. Blitzer owns a minority stake in the NFL Pittsburgh Steelers, Crystal Palace FC of the English Premier League and FC Augsburg of the Bundesliga and Waasland-Beveren of the Belgian Jupiler Pro League. Blitzer and another business partner bought Real Salt Lake from Major League Soccer in January.

It might be worrying for nothing, but it seems to me that Blitzer is spreading with the ownership of so many sports teams. Will he be wary of spending money on the Guardians if one of his other businesses fails?

The arrangement to buy 25% of the Guardians allows Blitzer to take control of the team in 2028.

Forbes reported that the Guardians made a “mid to high seven figure” operating profit in 2021.

Fans blame Paul Dolan for not spending more money on player salaries. But it should be noted that his Cleveland roots make him proud to own the Guardians. Dolan has been looking for a minority owner since John Sherman had to step down in 2019 when Sherman bought the Kansas City Royals.

Blitzer’s roots are in New Jersey, but there’s no danger Blitzer will move the Guardians out of town if he ends up in the majority — at least not in the next 14 years.

In January, the Guardians extended Progressive Field’s lease until at least 2036, with the option of adding another 10 years to the deal. The lease extension is tied to a promise to do more than $200 million in stadium renovations over the next 15 years.

• Blitzer’s net worth of $1.3 billion beats any sportswriter I know. But that won’t put him in the inner circle of baseball’s wealthiest owners. In fact, that would put him in the bottom third. So don’t expect him to spend a lot if he takes control.

Houston Astros owner Jim Crane also has a net worth of $1.3 billion, according to statista.com. This ranks 21st among the league’s 30 owners.

Sherman was a hero in Cleveland when he became a minority owner of the Indians in 2016. His money helped them sign Edwin Encarnacion to a three-year, $60 million contract on Dec. 22, 2016, less than two months after losing Game 7. of the World Series at the Chicago Cubs.

Sherman has a net worth of $1.25 million, which puts him in the same financial bug as Blitzer.

The Sherman Royals are in last place in the AL Central Division. The Royals rank 23rd in team payroll. The Guardians rank 28th.

Larry Dolan, Paul’s father, is named owner of the Guardians by statistics.com. His net worth is listed at $4.6 billion. The only owners with a higher net worth are Steven A. Cohen of the Mets at $16 billion, Edward S. Rogers of the Blue Jays at $11.5 billion and John C. Malone of the Atlanta Braves at $6.6 billion. dollars.