New York Giants owners reveal bombshell plans to SELL stake in team amid fan fury and awful 3-14 season
The owners of the New York Giants have made the stunning decision to sell part of the team amid fans’ fury at their awful 2024 season.
The Giants went 3-14 last season and fans regularly flew planes over MetLife Stadium urging John Mara and Steve Tisch to ‘sell the team’.
In a bombshell announcement on Thursday night, Mara and Tisch revealed they are ‘exploring the potential sale of a minority, non-controlling stake’ in the Giants.
It is understood up to 10% of the team could be sold off, and it is likely to set a record for an NFL franchise valuation.
The Giants are valued as one of the most valuable sports teams in the world, and the current owners have hired Moelis & Co to oversee any potential transaction.
According to Sports Business Journal, a recent estimate valued the Giants franchise between $7.3billion and $7.85billion.
The Giants were founded by Mara’s grandfather Tim back in 1925, and the family have always had a controlling stake in the team.
Since 1991, the Mara and Tisch families have each owned 50% of the franchise, with individual family members holding small stakes.
The reason for the decision to put 10% on the market is not yet clear, though it comes after an awful season with plenty of fan anger.
Back in August, the NFL approved a policy that allows private equity firms to buy up to 10% of a team.
A statement from the Giants late on Thursday read: ‘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. There will be no further comment in regard to the process.’
Despite their recent struggles on the field, the Giants are widely considered to be one of the biggest sports teams in the world, and have eight NFL championships – four of which in the Super Bowl era.
The Giants have endured 10 losing seasons in the last 12, and late last season a plane was flown over MetLife Stadium which urged: ‘Mr Mara enough – plz fix this dumpster fire.’
Disgruntled Giants fans flew a banner over their stadium with this message for owner John Mara
The decision to sell a stake in the team is not believed to be a reaction to fan anger, but neither the Mara nor Tisch families have yet spoken out with specifics.
The Super Bowl champion Philadelphia Eagles are among the teams to have recently made a similar move, selling a total of 8% of the team to two wealthy families in deals that valued the franchise at $8.1bn and $8.3bn respectively.
The Bills and Dolphins, meanwhile, also sold 10% each to private partners in December, which valued them at $5.35bn and $8.1bn respectively.
It is expected that the Giants’ valuation would eclipse all of them, though no suitors have yet been identified.
