The Indians' search for a minority investor has "finally produced some results," as K.C. entrepreneur John Sherman has "joined the organization" as Vice Chair and minority partner, according to Zack Meisel of the Cleveland PLAIN DEALER. The Dolan family, which has owned the Indians since '00, has "been seeking a minority investor in recent years." Investment bank Allen & Co. "helped broker the deal." It "was approved" at the quarterly MLB owners meeting last week in Houston. Baseball HOFer Hank Greenberg's son, Steve, "brought the two sides together." Sherman has "developed two startup businesses: LPG Services Group and Inergy, L.P." The Indians "would not say what percentage of the team Sherman purchased," but Chair & CEO Paul Dolan has "made it clear in the past that his family would retain controlling interest of the Indians and has no plans to sell the team" (Cleveland PLAIN DEALER, 8/20). In Cleveland, Paul Hoynes wrote Sherman coming on board is not "going to drastically change the way the Indians do business." Hoynes: "I do think it gives Paul Dolan a partner to share the risks and opportunities of owning a big league team, while trying to make it a consistent winner" (CLEVELAND.com, 8/20). The AP's Tom Withers noted the Indians "have struggled in recent years with attendance, and have been challenged to compete in free agency against teams with more resources" (AP, 8/19).
