Retired New York Giants quarterback Eli Manning once seriously toyed with the idea of investing in the team for whom he spent his entire 16-year career.
But after further contemplation and research, Manning is no longer interested in potentially purchasing a minority stake in the team due to the price.
“Basically, it’s too expensive for me,” Manning told CNBC. “A 1% stake valued at $10 billion turns into a very big number.”
The Giants, according to CNBC’s most recent NFL Team Valuations, are worth $7.85 billion, making them the fourth-most valuable franchise behind the Cowboys, Rams, and Patriots.
According to that data, the Giants generated $723 million in revenue, and its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), a metric that measures a company’s financial health, was estimated at $185 million.
While the price tag was off-putting for Manning, he also told CNBC that other factors led to his withdrawal from consideration.
Those included potential conflicts of interest related to his participation as a coach in the Pro Bowl and his involvement in the ManningCast, which he co-hosts with his brother Peyton for ESPN’s Monday Night Football program.
The Giants, who are co-owned by the Mara and Tisch families, each with a 50% share, confirmed that a minority, non-controlling ownership stake of up to 10% would be available for sale. They hired Moelis & Co. as the banker to conduct the sale.
Since a small part of the team was put up for sale, reports have surfaced that boxing legend Floyd Mayweather, former Giants defensive end Michael Strahan, and investor Julia Koch have explored the possibility of bidding for the available ownership shares.
The Giants, who confirmed initial reports of the ownership stakes being for sale, have declined to comment on any potential bids.
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