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Last week, the New York Giants announced they would explore a sale of a minority stake in the team.
Since then, rumors have spread about potential suitors and former players who might want a piece of the pie. The latest duo to express interest in the team is Floyd Mayweather and real estate mogul Meyer Orbach.
From TMZ Sports:
Floyd Mayweather wants to own the NY Giants … and we’re told the 50-0 boxing legend is leading a group gunning to buy a 10% stake in the 4x Super Bowl-winning franchise!
TMZ Sports has learned that 47-year-old Mayweather and his business partner, prominent real estate magnate, Meyer Orbach, are putting together an offer. There will likely be another wealthy investor added to the team, per what we are being told from our sources.
We’re told the offer will be in the neighborhood of $700 million … and the plan is to submit the proposal soon. We’re told TBE has already moved $200 million into an escrow account.
“My partners and I are always looking at different opportunities, including ownership of sports teams. I can’t comment further than that,” Orbach told TMZ.
Orbach already owns a minority stake in the Minnesota Timberwolves and Floyd Mayweather has had his hands in various businesses for years. They want to purchase a 10 percent stake in the Giants and plan to offer $700 million, but that likely won’t be enough.
No formal valuation of the Giants has been done, so it’s hard to determine what amount equals 10 percent of the organization, but a $700 million offer means this particular view values the team at $7 billion.
In a handful of valuations done in the last year, the Giants are estimated to be worth anywhere from $6.8 to $7.65 billion.
There will likely be even more suitors lining up to place an offer for a minority stake in the Giants, but without a formal valuation, the money they will need to purchase that stake remains muddy. But it’s likely that more than $700 million will be needed.