The New York Giants have agreed to sell 10 percent of the franchise in a deal that values the franchise at more $10 billion, the highest valuation ever for a sports franchise.
Julia Koch and other members of her family have reached an agreement with the Mara and Tisch families to purchase 10 percent of the team, according to Bloomberg. The deal would have to be approved in a vote of the league’s other owners before the sale can be finalized.
According to Sportico, the deal is for the Kochs to pay more than $1 billion for a 10 percent stake in the Giants. Currently the Mara and Tisch families each own 50 percent of the team, and after the deal the split will be 45 percent owned by the Mara family, 45 percent owned by the Tisch family and 10 percent owned by the Koch family. The deal does not give the Koch family a path to a controlling stake in the team.
Previously, the highest valuation ever for a sports franchise was the $10 billion valuation in the sale of a majority stake in the Los Angeles Lakers, a deal that was agreed to this year.
Koch and her three children are becoming major players in New York sports, having spent about $1 billion to buy 15 percent of the parent company of the Brooklyn Nets, New York Liberty and Barclays Center last year.
Julia Koch, widow of David Koch, has a net worth estimated to be between $70 billion and $80 billion.
