CLEVELAND – Cleveland Indians owner Paul Dolan’s search to bring in a minority partner has reached a conclusion.
After a yearlong hunt to find an investor to alleviate some of the financial burden, Dolan, whose family bought the club from Richard Jacobs in 2000, has partnered with John Sherman, a business entrepreneur from Kansas City, Missouri.
It’s not immediately known how much Sherman paid for his share or his ownership percentage.
The Dolan family will remain the majority owner of the franchise.
“I am pleased to conclude the process and am thrilled to be partnering with John Sherman,” Indians owner Paul Dolan said in a press release. “John has an impressive business track record and shares the community oriented values that we believe in. I am eager to have John join our ownership group.”
The Indians have struggled in recent years with attendance, and have been challenged to compete in free agency against teams with more resources. However, the club is currently in first place in the AL Central, and with a roster of young players and strong pitching, the future looks bright.
“It’s an exciting time to be joining the Indians organization and ownership group,” Sherman said in the release. “It’s a strong, storied franchise with a great deal of promise this year and beyond. I look forward to working closely with Paul and helping him further the organization and team in any way that I can,”
Sherman, entrepreneur based in Kansas City, Missouri, began and developed a pair of companies, according to the Kauffman Foundation website. LPG Services Group, his first start-up company, eventually merged with Dynegy in 1996.
Sherman later founded Inergy L.P., a supplier of propane based in Kansas City. Eventually. That company was merged with Crestwood Holdings in 2013.
Sherman currently serves on the board of Crestwood Equity Partners.
The first-place Indians (69-50), meanwhile, currently hold a six-game lead in the American League Central.
The team is currently attempting to secure their first division title since 2007. Cleveland reached the MLB postseason in 2013 by winning one of the AL’s two Wild Card spots.
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