The Washington Nationals could see a shift in their leadership structure over the coming months as the team’s owners consider bringing on new investors or selling the team altogether.
The Lerner family, which bought the team from Major League Baseball in 2006, has reportedly hired New York-based investment bank Allen & Company to research prospective investors. Spokespeople for the family have said they are considering multiple options, but a full transfer of ownership is not off the table.
“This is an exploratory process, so there is no set timetable or expectation of a specific outcome,” Mark Lerner, the managing principal owner of the club, said in a statement to the Washington Post. “The organization is as committed as ever to their employees, players, fans, sponsors and partners and to putting a competitive product on the field.”
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The move would be a reversal from Lerner’s stance in 2018, when he assured fans the family was there to stay.
“We will never sell the Nationals,” Lerner said at the time, according to the outlet. “That’s what we’ve worked to get all those years. We think we do a pretty good job of it. There’s no intention of this family — certainly while I’m alive and my sisters and brothers-in-law are alive — nobody’s going to sell this team.”
Ted Lerner, Mark Lerner’s father, purchased the Nationals 16 years ago for $450 million after the team relocated from Montreal, leading to an operational transformation that resulted in a World Series victory in 2019.
It’s unclear why a transfer of ownership is under consideration, although Ted Lerner’s real estate business reportedly took a hit during the coronavirus pandemic, dampening the family’s finances. However, the team insisted that the “real estate business continues to thrive” and isn’t behind the change of heart.
MLB franchise revenue has also been on the decline over the last two years. The 2020 season was shortened and forced to continue without fans in stadiums.
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“As revenue streams around professional sports continue to evolve and the strength of the Washington Nationals brand continues to grow, the team believes it is prudent to assess all of the options out there,” said Jennifer Giglio, a spokeswoman for the Nationals team.
The Washington Examiner reached out to the Nationals for comment but did not receive a response.
