The deal will boost the development of iconic Oracle Park and of real estate project Mission Rock.
After having joined the pool of investors that acquired NBA’s Bolton Celtics with a one billion US Dollars ticket out of an above 6 billion total (see here a previous post by BeBeez), US private equity Sixth Street purchased 10% of Major League Baseball’s San Francisco Giants for an undisclosed value (press release).
Sportico said that the franchise and its subsidiaries are worth 4.2 billion US Dollars.
The Raine Group and Pillsbury Winthrop Shaw Pittman LLP assisted SF Giants. PJT Partners and Latham Watkins LLP advised Sixth Street.
Oracle Park
Such a transaction will allow Giants to expand its activities inside Oracle Park and in its surroundings. The stadium allowed more than 69 million persons to witness three World Series championships (2010, 2012 and 2014), the raising of four National League pennants and eight playoff games. The ballpark also hosted the concerts of Lady Gaga, Beyoncé and Jay Z, Ed Sheeran, the Rolling Stones, the Eagles, Bruce Springsteen and the E-Street Band, Green Day and Billy Joel.
San Francisco Giant was born 142 years ago. In 1958, the Major League Baseball franchise moved from New York to San Francisco and in 2000 started to play at Oracle Park after having previously played at Seals Stadium and Candlestick Park. Oracle Park is also the only stadium in the country to have achieved Silver, Gold and Platinum LEED certification for an existing building.
The team will invest the deal’s proceeds in improving the training facilities in Scottsdale, Arizona, and to further develop Mission Rock, an ambitious real estate project close to McCovey Cove.
Larry Baer, Giants chairman and ceo, said: “Sixth Street has a global reputation as investor in the sport sector. Such a partnership allows us to further strengthen our franchise on the field and in the community. This is our first significant investment in three decades, and Greg Johnson and our ownership team are thrilled that Sixth Street believes, just as we do, in our strategic vision for our future as one of the world’s premier sports and entertainment franchises, as well as the important role our organisation plays in uplifting San Francisco and the entire Bay Area.”
Alan Waxman, co-founder and ceo of Sixth Street, added: “Giants is one of the most successful franchises in the history of professional sports and we are excited to support their tradition of excellence over the long term. We believe in the future of San Francisco and our sports franchises, like the Giants, are vital ambassadors for our city of innovation, showing the world what is only possible here. We believe in Larry and the management team’s vision for this exciting new era and are proud to partner with them to deliver the next chapter of the San Francisco Giants’ success.” Sixth Street sport investments include Bay FC (National Women’s Soccer League), San Antonio Spurs, Real Madrid and FC Barcelona. San Francisco-based Sixth Street was born in 2009 and has more than 100 billion of assets under management.
