Former New York Giants quarterback Eli Manning is no longer interested in buying minority shareholders’ shares in his old team, and told CNBC Sports on Wednesday that he was being priced.
“Basically, that’s too expensive for me,” Manning told CNBC Sports in an interview. “One percent of the 1% stake worth $10 billion will turn into a very large number.”
Manning’s comments are due to the surge in ratings for NFL teams. In CNBC’s official NFL team ratings released in September, the Giants were rated at $7.855 billion, ranking fourth out of the league’s 32 teams.
In December, the Philadelphia Eagles sold a minority stake in the team at a $8.3 billion valuation. That’s about $1 billion more than where CNBC Sports evaluated the team a few months ago. In May, the San Francisco 49ers sold a 6.2% stake at a valuation of over $8.5 billion, according to people familiar with the issue. CNBC’s September valuation marked the 49ers at $7.4 billion.
And last month, the NBA’s Los Angeles Lakers agreed to sell the majority of their teams at a $10 billion valuation, much higher than the franchise’s $7 billion valuation, according to an official NBA team valuation of CNBC Sports.
New York Giants’ Eli Manning #10 will warm up before a match against the Philadelphia Eagles at MetLife Stadium on December 29, 2019 in East Rutherford, New Jersey.
Sarah Stier | Getty Images
Manning said he has no interest in buying stocks in other NFL teams and believes the Giants are worthy of a $10 billion valuation. He also said other complications contributed to his decision to withdraw his name.
“I can’t talk to the players I coached in the Pro Bowl, and it was trying to influence my day’s work,” Manning said.
Manning has earned more than $250 million in career revenue from the Giants, and has also won more from millions of other approvals. He owns a production company – Till Productions Till – Till – Partner of Private Equity Firm Brand Velocity Group.
Minority sales continue
The Mara family, which has owned the Giants since the team was founded in 1925, now owns 50% of the team. The Tisch family has owned the other half since 1991.
Both families hired Maurice & Company to explore potential sales of “minority uncontrolled stocks,” they said in February.
Over the past few months there has been renewed interest in ownership of the NFL. Last year, the league voted to allow private equity companies to gain up to 10% interest in their teams.
CNBC reported in May that investor Julia Koch had filed a bid for a minority stake in the Giants. Former New York Giants defensive side Michael Strahan and billionaire Mark Rusley also cooperated to make the bid, Sports reported in May.
Manning still plans to be very involved in the Giants organization. He told CNBC Sports he was already talking to his team earlier this year, focusing on advice for rookies.
He is also the owner of a small number of New York golf teams in the National Women’s Football League, Gotham FC and TGL.
