Seaport Capital LLC, which includes a majority stake in Mandalay Baseball Properties, is selling its share of the holding company that owns five minor league baseball teams, according to Bloomberg.com. One of Mandalay's teams is the Oklahoma City RedHawks of the Triple-A Pacific Coast League.
Other teams owned by Mandalay are the Dayton Dragons, Erie Seawolves, Frisco Roughriders and Scranton Wilkes-Barre Railriders. Mandalay is half owner of the Railriders franchise, the Triple-A affiliate of the New York Yankees. The Yankees own the other half of the franchise. Bloomberg reported that the Mandalay-owned teams are expected to generate more than $40 million in revenue this year.
“It has run its course,” said Bill Luby, a Seaport partner who overseas Mandalay Baseball. “We think we've developed a unique set of assets and that there's an opportunity to do a lot more.”
Luby would not put a value on the company.
Investors in Mandalay Baseball Properties include Hall of Fame basketball player Magic Johnson, who is part-owner of the Los Angeles Dodgers; Peter Gruber, part owner of the Golden State Warriors and the Dodgers; and two-time Heisman Trophy winner Archie Griffin.