Private equity firm Sixth Street has acquired a 10% stake in the San Francisco Giants marking a significant investment in the Major League Baseball franchise aimed at infrastructure and community development rather than player acquisitions, according to a report by then New York Times.
Financial terms of the deal have not been released although Sportico values the franchise and its related holdings at approximately $4.2bn, according to a report by the New York Times.
The fresh capital from Sixth Street, which was approved by Major League Baseball on Monday, will be directed toward upgrades to Oracle Park, enhancements to the team’s training facilities in Scottsdale, Arizona, and further development of Mission Rock, the Giants’ ambitious real estate project across McCovey Cove from the ballpark.
Giants president and CEO Larry Baer emphasised that the investment represents the team’s first major capital infusion in three decades but clarified that it is not intended for player acquisitions.
“This is about improvements to the ballpark, making big bets on San Francisco and the community around us, and having the firepower to take us into the next generation,” Baer told the New York Times.
Sixth Street, a San Francisco-based investment firm managing $100 bn in assets, is already a major player in sports through its ownership of Bay FC, a franchise in the National Women’s Soccer League (NWSL), and stakes in the NBA’s San Antonio Spurs, as well as European football teams Real Madrid and FC Barcelona.
