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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.
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.
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.