Indians Chair & CEO Paul Dolan is "hoping to sell a significant minority stake in the club for a rich price," according to Kosman & Atkinson of the N.Y. POST. Dolan several months ago hired investment bank Allen & Co. "to shop roughly" 30% of the team. Sources said that Dolan "doesn’t have deep enough pockets and is looking to a new investor to ramp up spending on salaries." Sources added that Dolan is "having a difficult time finding an investor." One problem "is price," as Dolan "believes the franchise is worth" around $800M. Potential suitors said that there also are "other strikes against" the Indians, including the fact they do not own an RSN and are "early in a long-term media rights deal that it cannot renegotiate" (N.Y. POST, 8/29). Dolan on Saturday confirmed that he hired Allen & Co. to "help find a buyer interested in purchasing a minority share" of the team. Dolan said the process has "been in place for nearly a year." He added, "We have no intention of selling our majority control interest." However, in Cleveland, Paul Hoynes noted it is "believed a bigger chunk of the team could be on the market." A source said that the potential sale is "not connected" to Indians President Mark Shapiro leaving to join the Blue Jays (Cleveland PLAIN DEALER, 8/30).
