CLEVELAND, Ohio (WKBN) – The Cleveland Guardians have officially announced an agreement with billionaire David Blitzer to become a minority investor.

He assumes the ownership interest previously held by John Sherman, who left the organization to become owner of the Kansas City Royals several years ago.

Multiple published reports say that Blitzer will have 25-30% ownership, and will have the right to increase to controlling interest in the next few years.

Blitzer has more than a decade of expertise owning and operating professional sports teams, including the Philadelphia 76ers (NBA), New Jersey Devils (NHL), Crystal Palace (EPL), Real Salt Lake (MLS) and numerous international soccer clubs.

“I am very excited about bringing on David Blitzer and his group as our partners,” said Cleveland Guardians Owner, Chairman and CEO Paul Dolan. “David brings a wealth of experience in the sports industry that we believe will be a complementary addition to our organization. I look forward to collaborating with David for years to come to achieve our goal of winning a World Series.” 

“I am thrilled to join the ownership group of the Cleveland Guardians, a storied Major League Baseball franchise with a loyal, engaged fanbase,” said David Blitzer. “Our goal is to support Paul and the incredibly talented Guardians leadership team in delivering to Cleveland a team that can contend for a World Series. We also look forward to assisting the Guardians in their mission of using the platform of baseball to drive positive change in the communities our team serves. I thank Paul and the Dolan family, as well as our partners in this investment, for this amazing opportunity.”

The addition of Blitzer to the ownership group will give the Guardians some additional money to spend in bolstering the roster moving forward.