Indians Ownership Discussion

[AZ_]

As has been discussed here by myself and @BimboColesHair, the Cleveland franchise is approaching a new era of ownership change, with new names being discussed as possible minority investors.

The franchise also seems to be moving toward change at the top, with Dolan conveying interest in identifying a new minority investor. At least one candidate has emerged: Stanley Middleman, the founder and CEO of New Jersey-based Freedom Mortgage, one of the nation’s largest FHA and VA lenders. Middleman, 67, has discussed purchasing a minority share in the Indians, several sources with knowledge of the talks told The Athletic.

Two sources noted there are other interested suitors and it remains unclear how far along conversations with Middleman or anyone else have progressed. Multiple attempts to reach Middleman were unsuccessful. Dolan declined to comment through a team spokesman when The Athletic presented him with a list of questions. One source indicated Dolan has no immediate plans to sell a majority share of the franchise.

For now, the stake previously belonging to businessman John Sherman, who owned nearly 30 percent of the team, remains in escrow. Sherman purchased a minority interest in the Indians in 2016, with the deal including a path to majority ownership over a period of time left to Dolan’s discretion. A similar arrangement could be reached with Middleman or any other prospective investor. Sherman’s hometown Kansas City Royals became available in 2019, driving him to pivot and leaving all parties involved to hunt for his replacement.

There is very little reason to believe any of these names have interest in moving the franchise, and the city appears to be nearing an extension with the club to remain in Cleveland.

Dolan’s answer was resounding: We aren’t leaving.

“The franchise isn’t going anywhere,” a high-ranking team official told The Athletic, an assertion several other sources echoed, and one Dolan has stressed internally. The Indians have no plans to abandon Cleveland.

The team, city and stadium landlord Gateway Corp. are nearing an agreement on an extension on the Progressive Field lease, according to multiple sources. The current pact lapses after the 2023 season, the ballpark’s 30th in the heart of downtown Cleveland.

 

[FrontPageNews]

 

[kriegs]

Let's cut IN the Middleman

 

[Kevalier]

Let's cut IN the Middleman

Will this man be the reason that Bob in Brook Park or Gary in Parma among others in the “Dolanz Cheap” brigade start buying Indians season tickets?

(The answer is no.)

 

[AZ_]

Stanley Middleman info:

https://www.bizjournals.com/philadelphia/news/2020/12/10/stanley-middleman-freedom-mortgage.html?

Stanley C. Middleman

Stanley C. Middleman is the founder and CEO of Freedom Mortgage Corporation, one of the largest and fastest-growing full-service mortgage companies in the country. He is a nationally recognized busine ...

www.ced.org

 

[33Y0]

“The franchise isn’t going anywhere,” a high-ranking team official told The Athletic, an assertion several others echoed, and one Dolan has stressed internally. The Indians have no plans to abandon Cleveland.

Nevertheless, drastic change is approaching. Indians officials continue to insist the team operates in the red on a near-annual basis and that it will require several years to recover from the financial damage inflected by the pandemic.

The team, city and stadium landlord Gateway Corp. are nearing an agreement on an extension on the Progressive Field lease, according to multiple sources.

One source with knowledge of the city’s sports and financial landscape said he has long feared Cleveland can’t sustain three major professional sports teams, and he stressed the Browns certainly aren’t going anywhere. The Cavaliers are shielded by the NBA’s salary cap and booming television contract, which ease concerns about market size and make its franchises financially viable. The Cavs’ lease on Rocket Mortgage FieldHouse extends through 2034. That leaves the Indians as perhaps the most vulnerable for now, although a lease extension and infusion of cash from a minority partner, two priorities on ownership’s agenda, would alleviate concerns. “Something fundamentally has to change,” the source said.

One source suggested the franchise’s targets are 2 million in attendance and a $110 million payroll. Aside from 2017, the team hasn’t drawn 2 million fans since 2008. Dolan told the Akron Roundtable that, based on attendance patterns, the $80-90 million range “is where our breakeven typically is.” In recent years, the Indians have routinely ranked near the top of the league in local TV ratings. Cleveland is the 19th-largest media market in the country, per Nielsen, and the smallest to field an MLB, NFL, and NBA team. Pittsburgh, the 26th-largest market, does have MLB, NFL and NHL representation. The Pirates and Indians own MLB’s two lowest payrolls.

Those are my key takeaway paragraphs.

 

[B Mac]

@Ben you did it again my man. You had this one a long long time ago.

 

[Kevalier]

No idea if this dude has any credibility, but let's all hope and pray that Dan Gilbert does not end up involved in any way in owning the Indians.

 

[kriegs]

For all of the hype they gave this story, there wasn't any smoking gun besides unveiling Middleman as a top candidate.

Everyone already knows that the lease is ending, that it's a tough market for the third fiddle team, and that Nashville is a trendy city.

Early in the story, they hint that part of their '6-month investigation' included monitoring property around the stadium. Nothing else on that. If they could have combined 'Middleman is the likely next minority owner' + 'there are plans for significant new development around the stadium', maybe this would have lived up to expectations.

Instead, I'm walking away wondering if Middleman is just one of many possible names. For as many times as they said the team is going nowhere under Dolan, no assurance they would require a new majority owner to keep the team here, although I don't have much concern about them leaving. Tampa, Oakland situations are meant to give the reader assurance, but none of that is news to anyone paying attention to the MLB landscape.

So they say the mayoral election could play a factor. But how? Are there renovations to the stadium and/or publicly funded improvements to the surrounding areas on the table? It's too vague to even ask one of the many candidates where they stand.

Kind of disappointing and pretty shrug-worthy in my opinion. Maybe they thought there would be more to report by this point but had to run the story regardless.

 

[eChameleon]

Kind of disappointing and pretty shrug-worthy in my opinion. Maybe they thought there would be more to report by this point but had to run the story regardless.

There is more. At the bottom of the article it says this is the beginning of a multipart series.

 

[33Y0]

For all of the hype they gave this story, there wasn't any smoking gun besides unveiling Middleman as a top candidate.

Everyone already knows that the lease is ending, that it's a tough market for the third fiddle team, and that Nashville is a trendy city.

Early in the story, they hint that part of their '6-month investigation' included monitoring property around the stadium. Nothing else on that. If they could have combined 'Middleman is the likely next minority owner' + 'there are plans for significant new development around the stadium', maybe this would have lived up to expectations.

Instead, I'm walking away wondering if Middleman is just one of many possible names. For as many times as they said the team is going nowhere under Dolan, no assurance they would require a new majority owner to keep the team here, although I don't have much concern about them leaving. Tampa, Oakland situations are meant to give the reader assurance, but none of that is news to anyone paying attention to the MLB landscape.

So they say the mayoral election could play a factor. But how? Are there renovations to the stadium and/or publicly funded improvements to the surrounding areas on the table? It's too vague to even ask one of the many candidates where they stand.

Kind of disappointing and pretty shrug-worthy in my opinion. Maybe they thought there would be more to report by this point but had to run the story regardless.

I mean, my takeaway is it seems fairly certain the lease will get renewed, everyone seems confident in that. They also said Nashville hasn’t had any negotiations with Cleveland or the Dolans. And MLB is more focused on Oakland and Tampa right now. That’s still noteworthy.

 

[CATS44]

Apart from a rumored name, Middleman, there is no news in this article.

The lease is about to end....shrug.
Dolan says the team isn't moving...shrug.
Attendance is low...shrug.
Its a small market for three major teams...shrug.
Dolan is looking for a minority partner...shrug.
Covid hurt...shrug.

Not one thing we didn't know a year ago. Except for Covid, not one thing we didn't know since Sherman bought the Royals.

In a worst case scenario, we are third on the list of teams that MLB would allow to be moved.

 

[Mott the Hoople]

One curious note :
Dan Gilbert is one of the richest men in America. That's a fact.
I just don't believe he would sit back and watch the Indians bought by his competitor. 500 feet from RMF? No way.
He could sit back and swoop in at the end.

 

[mopete12]

One curious note :
Dan Gilbert is one of the richest men in America. That's a fact.
I just don't believe he would sit back and watch the Indians bought by his competitor. 500 feet from RMF? No way.
He could sit back and swoop in at the end.

There used to be a rule about MLB owners not being allowed to have casinos. Anyone know if this is still the case?

There is also a rule about owners not owning multiple teams in the same city but that must be NFL related since Reinsdorf owns the Bulls and White Sox.

 

[AZ_]

Apart from a rumored name, Middleman, there is no news in this article.

The lease is about to end....shrug.
Dolan says the team isn't moving...shrug.
Attendance is low...shrug.
Its a small market for three major teams...shrug.
Dolan is looking for a minority partner...shrug.
Covid hurt...shrug.

Not one thing we didn't know a year ago. Except for Covid, not one thing we didn't know since Sherman bought the Royals.

In a worst case scenario, we are third on the list of teams that MLB would allow to be moved.

The city has an agreement with the city to extend the lease.

The first on record confirmation of the numerous reasons why Dolan is adamant about keeping the franchise in Cleveland.

And the new ownership name, in the first of a multi-part series on the subject.


I'd suggest not reading the rest if you can't pick out the new news in the intro. I certainly won't miss another lazy take misstating what the article says, or the new info it provides.