Endeavor, Silver Lake Shopping for MiLB Teams

Endeavor and Silver Lake are looking to purchase minor league baseball teams — and it looks like they’re buying in bulk.

The two companies are teaming up to offer very competitive bids, seeking to buy up to 12 teams in the near term, with the potential to own 40 or more down the road.

• Endeavor, owner of the UFC and agency WME, hired two former Excel Sports Management agents to build out its MLB representation in September. Excel is suing Endeavor over the matter.
• That same month, Endeavor agreed to acquire sportsbook and gaming firm OpenBet for $1.2 billion in cash and stock.
• Silver Lake is one of the major private equity forces in sports, with investments in Manchester City owner City Football Group, Fanatics, Madison Square Garden, and Endeavor.

In 2016, the top 20 minor league teams had an average value of $37.5 million. A Minor League Baseball contraction in 2020 brought the number of teams down from 160 to 120.

According to The Athletic, purchasing 12 teams would cost “at least a few hundred million dollars in outlays,” not including stadium improvements and other capital investments.