![]() ![]() The Pirates and Indians own MLB’s two lowest payrolls.įor all of the hype they gave this story, there wasn't any smoking gun besides unveiling Middleman as a top candidate.Įveryone 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.Įarly in the story, they hint that part of their '6-month investigation' included monitoring property around the stadium. Pittsburgh, the 26th-largest market, does have MLB, NFL and NHL representation. Cleveland is the 19th-largest media market in the country, per Nielsen, and the smallest to field an MLB, NFL, and NBA team. 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. Aside from 2017, the team hasn’t drawn 2 million fans since 2008. One source suggested the franchise’s targets are 2 million in attendance and a $110 million payroll. “Something fundamentally has to change,” the source said. 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. The Cavs’ lease on Rocket Mortgage FieldHouse extends through 2034. 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. 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. are nearing an agreement on an extension on the Progressive Field lease, according to multiple sources. The team, city and stadium landlord Gateway Corp. 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. Nevertheless, drastic change is approaching. The Indians have no plans to abandon Cleveland. “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. Sherman’s hometown Kansas City Royals became available in 2019, driving him to pivot and leaving all parties involved to hunt for his replacement. A similar arrangement could be reached with Middleman or any other prospective investor. 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. One source indicated Dolan has no immediate plans to sell a majority share of the franchise.įor now, the stake previously belonging to businessman John Sherman, who owned nearly 30 percent of the team, remains in escrow. Dolan declined to comment through a team spokesman when The Athletic presented him with a list of questions. Multiple attempts to reach Middleman were unsuccessful. ![]() Two sources noted there are other interested suitors and it remains unclear how far along conversations with Middleman or anyone else have progressed. Middleman, 67, has discussed purchasing a minority share in the Indians, several sources with knowledge of the talks told The Athletic. ![]() 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. The franchise also seems to be moving toward change at the top, with Dolan conveying interest in identifying a new minority investor. ![]()
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