The Giants are still on the move, attempting to sell a 10 percent stake in their franchise. Team ownership is struggling to find buyers at its valuation, but the battle between former players Eli Manning and Michael Strahan for a stake in the team has come to an end.
Manning, the two-time Super Bowl-winning quarterback of the franchise, decided to withdraw from the bid. He is no longer interested in taking on the piece because, as he quotes, “Basically it’s too expensive for me.”
Manning has decided that he has no interest in any other team. He believes that the Giants are deserving of a $10 billion valuation.
There were other reasons that he decided to back out of the bid. He wanted to be able to work with the team and he would not be able to get involved with the players whom he had coached in the Pro Bowl earlier this year. It’s been hard for him. There were also scheduling conflicts that would occur. It was just something that he ended up pulling out of.
The Mara family has owned the Giants since their founding in 1925. They own 50 percent of the team, while the Tisch family has owned the other half since 1991. Both families wanted to explore the sale and hired Moelis and Company to explore the potential of “a minority, non-controlling stake.”
Many other people are still planning to submit a bid. Strahan will continue to fight for the piece, along with a few other billionaires who shared their thoughts on the bid back in May.
This is not just something that the Giants are doing. The Eagles have sold pieces of their franchise, while the Los Angeles Lakers recently sold a majority stake of the team for $10 million. Some teams need to sell certain pieces to maintain their current level. Manning, however, simply could not do it because of the cost it would entail.
Manning will continue to be very involved in the Giants organization. He has already spoken to the team this year during the mini-camps and OTAs, and he will continue to cheer on the rookies and Giants throughout the season.
