UFC parent Endeavor announced on Wednesday plans to acquire nine minor league baseball teams through the creation of a new organization, Diamond Baseball Holdings.
The announcement comes after reports in October that Endeavor and Silver Lake were interested in acquiring a group of minor league teams — despite each team losing an estimated $5 million last year.
Endeavor is a good company to step in: The WME parent recorded $1.4 billion in third-quarter revenue last month, increasing its full-year revenue guidance to between $4.89 billion and $4.95 billion.
The Teams in Question
The minor league teams Endeavor plans to acquire include Triple-A, High-A, and Single-A affiliates: the Iowa Cubs (Chicago Cubs), Scranton/Wilkes Barre RailRiders and Hudson Valley Renegades (New York Yankees), San Jose Giants (San Francisco Giants), and the Memphis Redbirds (St. Louis Cardinals).
- Peter B. Freund, minority owner of the Yankees and majority owner of the Redbirds, will oversee the unit with Endeavor advisor Pat Battle.
- MLB cut the number of minor league teams by 25% earlier this year.
Subject to approval, four minor league affiliates of the Atlanta Braves will be included. The company says it’s in negotiations with other franchises, too. Terms were not disclosed.
Diamond Baseball Holdings will support ticket sales, naming rights, food operations, broadcasting rights, and sponsorships for the teams.
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